Xperi improves profitability despite Q2 revenue dip
August 6, 2024
Xperi, the entertainment technology company and owner of TiVo, has announced its Q2 2024 results for the three-month period ended June 30th.
The company reported improved profitability despite a slight revenue decline. Revenue stood at $119.6 million (€109.5m), down from $126.9 million in Q2 2023, whilst GAAP net loss was at $30.3 million versus $38.4 million in Q2 2023. Xperi expects full-year revenue in the range of $500 million to $530 million.
“Our Q2 progress is a clear example of the positive effects of our continued business transformation efforts. We delivered solid financial results with improved profitability while continuing to execute on our strategic growth initiatives. Our growing TiVo OS and video-over-broadband footprint is setting the stage for future monetisation, and we expect this will be a core element of our long-term revenue growth and margin expansion,” commented Jon Kirchner, CEO of Xperi.
Kirchner continued: “Shortly after our annual meeting in late May, we welcomed Jeremi Gorman and Rod Randall to our board. The addition of these two highly qualified board members, with their expertise in ad-tech, monetisation, automotive and capital allocation, will be instrumental as we look to accelerate revenue in our key growth markets.”
Q2 business highlights:
- Signed the seventh TiVo OS partner, a top 5 supplier of smart TVs into the US market, with plans to launch TVs ‘Powered by TiVo’ in the US in spring 2025.
- Smart TVs ‘Powered by TiVo’ are now available across 15 European countries, including the largest economies, under 17 different brands.
- DTS AutoStage is now deployed in more than seven million vehicles globally, adding over a million vehicles in the last quarter.
- Ended Q2 2024 with over 2.25 million video-over-broadband subscriber households, continuing the trend of consecutive quarters of double-digit year-over-year subscriber growth.
- Expanded TiVo Broadband with the signing of three new operators: Service Electric Cablevision, Eastlink, and HTC, bringing the total number of TiVo Broadband providers to ten.
- Signed licence agreement with Tencent Music Entertainment to provide DTS encoded content and post-processing technologies to Tencent and QQ Music.
- Signed IMAX Enhanced licensing deal with Play For Dream, an eSports entertainment platform, for VR headset implementation of the IMAX Enhanced experience.