Business
Immersion Corporation Reports Third Quarter 2021 Results
SAN FRANCISCO--(BUSINESS WIRE)-- Immersion Corporation (NASDAQ: IMMR), the leading developer and provider of technologies for haptics, today reported
About this update from Immersion Corporation
[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nImmersion Corporation (NASDAQ: IMMR), the leading developer and provider of technologies for haptics, today reported financial results for the third quarter ended September 30, 2021.\n\nThird Quarter Financial Summary:\n\n\nTotal revenues of $7.2 million, compared to $7.6 million in the third quarter of 2020. Royalty and license revenues were $7.1 million, compared to $7.5 million in the third quarter of 2020.\n\n\n\nGAAP operating expenses of $3.5 million declined 30% from $5.0 million in the third quarter of 2020. Non-GAAP operating expenses of $2.8 million declined 22% from non-GAAP operating expenses of $3.5 million in the third quarter of 2020. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\n\nGAAP net income was $3.8 million, or $0.12 per diluted share, compared to GAAP net income of $2.9 million, or $0.11 per diluted share, in the third quarter of 2020.\n\n\n\nNon-GAAP net income was $4.7 million, or $0.15 per diluted share, compared to non-GAAP net income of $4.1 million, or $0.15 per diluted share in the third quarter of 2020.\n\n\nAbout Immersion\n\nImmersion Corporation (NASDAQ: IMMR) is the leading innovator of touch feedback technology, also known as haptics. The company invents, accelerates, and scales haptic experiences by providing technology solutions for mobile, automotive, gaming, and consumer electronics. Haptic technology creates immersive and realistic experiences that enhance digital interactions by engaging users' sense of touch. Learn more at www.immersion.com.\n\nUse of Non-GAAP Financial Measures\n\nImmersion reports all financial information required in accordance with generally accepted accounting principles (GAAP), but it believes that evaluating its ongoing operating results may be difficult to understand if limited to reviewing only GAAP financial measures. Immersion discloses this non-GAAP information, such as Non-GAAP net income (loss) and Non-GAAP net income (loss) per diluted share because it is useful in understanding the company’s performance as it excludes certain non-cash expenses like stock-based compensation expense and other special charges, such as deferred tax assets valuation allowance, depreciation and restructuring costs, that many investors feel may obscure the company’s true operating performance. Likewise,...