- Mobile and video technology research and development company InterDigital, Inc (NASDAQ:IDCC) boosted its third-quarter 2022 revenue outlook to $112 million – $115 million, up from its previous expectations of $96 million – $100 million and against the Street view $98.83 million.
- The updated guidance included $100 million of recurring revenue. It reflected continuing success in the core smartphone licensing program and new licensing agreements signed within the consumer electronics, automotive, and IoT revenue category.
- InterDigital noted that its third-quarter operating expenses would range between $88 million – $90 million, including an $11 million – $13 million increase in the company’s performance-based compensation accruals.
- In addition, InterDigital forged a patent license agreement with a major technology company. The financial terms of the deal remain undisclosed.
- InterDigital reported second-quarter FY22 revenue growth of 42% year-on-year to $124.7 million, beating the consensus of $122 million.
- Price Action: IDCC shares traded higher by 16.63% at $47.14 on the last check Monday.
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