Vizio Holding Corp. ( (VZIO) ) has released its Q3 earnings. Here is a breakdown of the information Vizio Holding Corp. presented to its investors.
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Vizio Holding Corp. is a company based in Irvine, California that specializes in delivering immersive entertainment experiences through its cutting-edge Smart TVs and sound bars, while also providing a platform for content distribution and advertising solutions.
In its latest earnings report for the third quarter of 2024, Vizio Holding Corp. reported a 4% increase in net revenue compared to the previous year, reaching $444.7 million. The company highlighted significant growth in its Platform+ net revenue and gross profit, alongside an increase in SmartCast Average Revenue Per User.
Among the key financial metrics, Platform+ net revenue saw a notable 26% rise to $197.0 million, while Platform+ gross profit increased by 16% to $115.8 million. However, the company experienced a sharp decline in net income, which dropped from $13.8 million in the previous year to just $0.5 million. Adjusted EBITDA also decreased significantly by 67% due to acquisition-related costs and cash incentive awards.
Vizio’s business highlights for the quarter included reaching 19.1 million SmartCast Active Accounts and launching new apps and features like the VIZIO Sports Zone and WatchFree+ on its mobile app. The company also expanded its direct advertising relationships and introduced a variety of new content offerings.
Looking ahead, Vizio’s management remains focused on enhancing the SmartCast experience and capitalizing on monetization opportunities through increased user engagement and expanded advertising partnerships. The company aims to continue leveraging its Platform+ capabilities to drive long-term profitability and growth.
