InterDigital Inc (IDCC): InterDigital Issues Updated Guidance for...

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Monday, 10/03/2022 7:12:17 AM

Monday, October 03, 2022 7:12:17 AM

InterDigital Issues Updated Guidance for Third Quarter 2022
Company Release - 10/3/2022
WILMINGTON, Del., Oct. 03, 2022 (GLOBE NEWSWIRE) -- InterDigital, Inc. (NASDAQ: IDCC), a mobile and video technology research and development company, today announced that it expects third quarter 2022 total revenue to be between $112 million and $115 million, up from its previous expectations of $96 million to $100 million.

The updated guidance includes approximately $100 million of recurring revenue and reflects continuing success in the core smartphone licensing program as well as new licensing agreements signed within our consumer electronics, automotive and IoT revenue category.

The company’s recently announced license agreement with a major technology company has no impact on third quarter 2022 revenue.

The company noted that its third quarter operating expenses are now expected to be in the range of $88 - $90 million, including an $11 - $13 million increase to the company’s performance-based compensation accruals.