Xperi Inc ( (XPER) ) has released its Q3 earnings. Here is a breakdown of the information Xperi Inc presented to its investors.
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Xperi Inc., an entertainment technology company, specializes in creating and delivering innovative technologies that enhance experiences across consumer devices, connected cars, and media platforms worldwide.
In its third-quarter earnings report for 2024, Xperi Inc. announced significant milestones in its smart TV and connected car sectors, alongside strong financial performance improvements, despite a slight decline in revenue projections.
The company reported an increase in its TiVo OS Smart TV footprint, nearing one million units and aiming for two million by year-end. Additionally, it achieved a notable win in the automotive sector with the DTS AutoStage Video, and exceeded its year-end target for its video-over-broadband services. Financially, Xperi improved its non-GAAP operating income significantly to $24.5 million from $4.3 million in the previous year, and non-GAAP adjusted EBITDA rose to $31.4 million from $9.3 million.
Despite a reduction in their 2024 revenue outlook, Xperi has enhanced its profitability metrics, attributed to ongoing business transformation efforts. The sale of Perceive assets to Amazon also contributed to the company’s liquidity, with gross proceeds of $80 million.
Looking ahead, Xperi remains committed to expanding its entertainment-based solutions and continues to focus on its core technology advances, with expectations of further growth in its media platform and licensing businesses.
