Xperi reports Q1 EPS (5c), two estimates (14c)

Reports Q1 revenue $118.8M, consensus $122.1M. “Entering our second full year as an independent company, we continued to advance our transformation, delivered solid financial results across our key growth areas, and made progress on several strategic initiatives. While revenue was down year over year due in part to the impact of the AutoSense and imaging divestiture, we saw strong growth in connected car, media platform, and video-over-broadband, which are our most attractive opportunities. As we focus on executing our independent media platform strategy to drive profitable growth, we are taking steps to further reduce expenses as part of our ongoing business transformation,” said Jon Kirchner, chief executive officer of Xperi. We expect the next several quarters will be an exciting time for Xperi as our TiVo OS footprint begins to scale, our video-over-broadband offering continues to grow at double digit rates, and our connected car deployments accelerate. We believe we are on track to achieve the multi-year targets we announced in Sept. 2022, as these growth drivers and the continued execution of our strategy set the stage for significant long-term revenue growth and margin expansion.”