VZIO - Vizio stock gains premarket on strong results upbeat guidance
- Vizio ( NYSE: VZIO ) stock gained 11% premarket on Thursday after the firm posted strong Q2 results driven by higher revenue from its advertising platform and issued upbeat Q3 outlook.
- VZIO reported Q2 EPS of $0.01 vs. -$0.08 in Q2 2021.
- Revenue grew 1.9% Y/Y to $408.9M, led by 69% growth in Platform+ revenue at $110.8M.
- Higher Platform+ revenue was driven by advertising revenue growth of 71% and non-advertising revenue growth of 65%.
- But device revenue fell 11% to $298.1M.
- ARPU increased 54% to $25.87.
- SmartCast active accounts rose 15% to 16.1M, with SmartCast hours growing 22% to 4.3B.
- VZIO expects Q3 Platform+ revenue of $120M-$125M, vs. $85.9M in Q3 2021, with growth in advertising and non-advertising revenue expected.
- Platform+ gross profit is projected to be $75M-$78M vs. $57.3M in Q3 2021, while adj. EBITDA is expected to be $8M-$13M vs. $23.4M in Q3 2021.
- VZIO's device segment is expected to benefit from improved channel inventories. Low single digit gross margin in coming quarters will drive unit sales and customer acquisition.
- Shares of VZIO declined 46.4% YTD.
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Vizio stock gains premarket on strong results, upbeat guidance