Immersion Corporation (NASDAQ: IMMR) rose after reporting better than expected sales in the fourth quarter.
The San Jose-based company reported total revenues for the fourth quarter of 2017 were $6.9 million, a decrease of 26% compared to $9.3 million for the fourth quarter of 2016. Royalty and license revenues of $6.7 million for the fourth quarter of 2017 were down 25% compared to $8.9 million for the same period last year.
Net loss for the fourth quarter of 2017 was $12.3 million, or $(0.42) per diluted share. This compares to net loss of $38.1 million, or $(1.32) per diluted share, for the fourth quarter of 2016. Net loss for the fourth quarter of 2016 includes a tax provision of $26.8 million, primarily related to a non-cash charge of $28.1 million recorded to establish a full valuation allowance against the Company’s U.S. deferred tax assets.
Interim CEO Carl Schlachte said, “Our focus on innovation and development of cutting-edge haptic technology remains at the forefront of our company’s strategy. Today, our employees are working on haptic technology solutions for fascinating and seemingly insurmountable challenges that will become mainstream in the market during the next five to 10 years.
"This is the work we do here at Immersion; this is why our patent portfolio is exceptional; and, this is why I’m so excited about the future of our company.”
Shares in Immersion leaped during Friday’s last hour of trade by $1.16, or 11.1%, to $11.64, within a 52-week trading range of $5.76 to $11.79.
