TECH - InterDigital Q1 Earnings Beat on Higher Revenues | Benzinga
InterDigital, Inc. (NASDAQ: IDCC) reported strong first-quarter 2024 results, with both the bottom line and top line surpassing the respective Zacks Consensus Estimate. The company generated higher revenues year over year, driven by solid licensing momentum in consumer electronics.
The company inked several license agreements during the quarter, including a landmark deal with Samsung Electronics (OTC: SSNLF). IDCC is also advancing its leadership position in AI applications for wireless and video technology.
Net Income
Quarterly net income was $81.7 million or $2.88 per share, down from $105.3 million or $3.58 per share in the year-earlier quarter. Despite top-line growth, higher operating expenses led to lower net income.
Non-GAAP net income was $94.5 million or $3.58 per share, down from $123.6 million or $4.21 per share in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate by 21 cents.
InterDigital, Inc. Price, Consensus and EPS Surprise
InterDigital, Inc. price-consensus-eps-surprise-chart | InterDigital, Inc. Quote
Revenues
Net sales in the quarter rose to $263.5 million from $202.4 million in the year-ago quarter. The 30% year-over-year improvement was induced by solid net sales growth in CE, IoT/Auto licensing programs during the quarter. The top line beat the consensus estimate of $216 million.
In the first quarter, total recurring revenues were $96.9 million, down from $101.6 ...