Smart-TV firm Vizio’s beleaguered stock perked up in after-hours trading after the company posted better-than-expected revenue in the first quarter.Losses of 6 cents a share in the quarter were a penny below Wall Street’s consensus forecast and compared with a profit of 2 cents in the year-earlier quarter.
Revenue of $485.5 million slid 4% from $505.7 million but still came in well ahead of estimate’s expectation for $453.7 million.Vizio shares, which have lost more than half their value since the company’s initial public offering a bit more than a year ago, rallied almost 9% after hours.
They closed the regular trading day at $7.57, up more than 1% on above-average trading volume.As the No. 2 maker of smart-TVs in North America, Vizio has in recent years expanded beyond hardware to become a significant gateway for streaming.Platform+, the unit encompassing advertising and user data, posted a 97% jump in revenue to $102.6 million.SmartCast, the company’s streaming hub, reached 15.6 million active accounts by the end of the quarter, up 16% year-over-year, with hours of viewing up 14% to 4.1 billion.While Vizio has faced supply chain issues like its peers, the quarterly numbers show signs of improvement, with a 23% increase in TV shipments versus the comparable quarter of 2019 before the coronavirus pandemic.“Our dual revenue model gives us the opportunity to invest in our award-winning consumer products, while also delivering continued advertising revenue growth,” CEO William Wang said.Average revenue per user of SmartCast surged 64% to $23.68.The company expects Platform+ revenue to hold steady with current levels in the second quarter, coming in at between $107 million and $111 million.New and returning series on
Read more on deadline.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.