Xperi Stock Up After It Settles With Comcast on TiVo Litigation
Xperi raised revenue guidance after its settlement with Comcast of long-standing litigation over its TiVo patent portfolio. The companies signed a 15-year licensing program for pay TV, dating to the expiration of their prior agreement, that supports Xperi’s core pay-TV…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
licensing program revenue through early 2031, said CEO Jon Kirchner on a Q3 call Monday. Comcast didn't comment Tuesday. Xperi raised second-half guidance to $625 million-$645 million from $390 million-$410 million. Xperi Q3 revenue was $202.8 million. Though end markets are beginning to show signs of recovery, Xperi remains “cautious” about the pace of recovery in 2021, Kirchner said. Shares surged 24% Tuesday to close at $17.32. Revenue in the connected car category declined 5.8% to $18.5 million due to lower production during the pandemic. Kirchner referenced signs the automotive market is starting to recover and said a recovery in HD radio shipments will track market trends. He cited car sales projections indicating a 9% recovery next year.