Xperi Q1 revenue dips; TiVo for Japan TV brand
May 10, 2024
Xperi, the entertainment technology company that owns TiVO, has announced first quarter 2024 financial results for the three-month period ended March 31st 2024. Q1 revenue stood at $118.8 million (€110.2m), down from $126.8 million in Q1 2023.
The company ended Q1 2024 with over 2 million video-over-broadband subscriber households, continuing the streak of consecutive quarters of double-digit year-over-year subscriber growth.
“Entering our second full year as an independent company, we continued to advance our transformation, delivered solid financial results across our key growth areas, and made progress on several strategic initiatives. While revenue was down year over year due in part to the impact of the AutoSense and imaging divestiture, we saw strong growth in connected car, media platform, and video-over-broadband, which are our most attractive opportunities. As we focus on executing our independent media platform strategy to drive profitable growth, we are taking steps to further reduce expenses as part of our ongoing business transformation,” said Jon Kirchner, chief executive officer of Xperi.
Kirchner continued: “We expect the next several quarters will be an exciting time for Xperi as our TiVo OS footprint begins to scale, our video-over-broadband offering continues to grow at double digit rates, and our connected car deployments accelerate. We believe we are on track to achieve the multi-year targets we announced in September 2022, as these growth drivers and the continued execution of our strategy set the stage for significant long-term revenue growth and margin expansion.”
Xperia also revealed that an additional global Japanese brand is expected to launch smart TVs ‘Powered by TiVo’ in retail stores across Europe and the UK prior to UEFA Euro 2024, which kicks off on June 14th.
UK retailer Argos is already deploying the TiVo operating system in their Bush house brand of smart TVs. These TVs are one of the first to incorporate Freely, the new UK streaming service delivering live TV over broadband. Vestel is also now shipping smart TVs powered by TiVo across most major European countries, under a dozen different brands.