Immersion Corporation (NASDAQ: IMMR) rose Friday after reporting upbeat Q1 results.
The San Jose-based Immersion, which prides itself on being the leading developer and licensor of touch feedback technology, revealed otal revenues for the first quarter of 2018 were a record $85.4 million. Royalty and license revenues for the first quarter of 2018 were $85.3 million.
Net income for the first quarter of 2018 was $69.9 million, or $2.29 per diluted share.
Non-GAAP net income for the first quarter of 2018 was $71.5 million, or $2.34 per diluted share.
As of March 31, 2018, Immersion’s cash, cash equivalents and short-term investments were $139.0 million, compared to $46.5 million as of December 31, 2017.
Interim CEO Carl Schlachte said, We are very pleased with the progress Immersion has made over the past six months.
While we still have work to do, the company’s restructuring and renewed focus on our underlying fundamentals is showing strong early returns. We remain confident in Immersion’s continued ability to monetize our technology across the trends we see happening in the haptic ecosystem today.
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Also, effective this year, the company adopted a new revenue recognition standard (ASC 606), which impacted the company’s recognition of revenue from certain of its fixed-fee and per-unit license agreements. The company adopted ASC 606 using the modified retrospective method, which means that the total amount of revenue reported for first quarter 2017 has not been revised in the current financial statements.
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Immersion shares sprang up 82 cents, or 7.1%, to $12.40.
