Why Immersion Shares Popped Temporarily
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What: Shares of Immersion popped temporarily today, up by 12% at the high before giving back some gains, after the company reported earnings.
So what: Revenue in the second quarter hit a record $10.2 million, which translated into earnings per share of $0.03. Both figures were in-line with consensus estimates. CEO Vic Viegas expressed confidence in the company's revenue pipeline, saying license agreements provide visibility.
Now what: Sharp became Immersion's newest licensee of its software, and the company expects other partners to launch products in the near term. Viegas said Immersion is on track to post record revenue this year of $45 million to $48 million. Adjusted EBITDA for 2013 should be $12 million to $15 million.
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The article Why Immersion Shares Popped Temporarily originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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