InterDigital, Inc. (NASDAQ:IDCC), a mobile and video technology research and development company, today provided expense guidance for second quarter 2021.
In order to increase focus on core technologies and markets, the company anticipates taking a non-recurring, net charge of approximately $28-$32 million, with approximately two-thirds of the charge expected to be recognized in second quarter 2021 and the remaining one-third expected to be recognized in second half 2021. This charge includes a $12-14 million non-cash impairment associated with a consolidated partially owned subsidiary’s anticipated disposal of assets. Beginning in fourth quarter 2021, the company expects these actions will drive annual operating expense savings of approximately $15 million prior to any reinvestments.
As a result of the above non-recurring, net charge, the company expects total second quarter 2021 operating expenses to be $91-96 million.
