- Mobile and video technology research and development company InterDigital, Inc IDCC has raised its revenue guidance for the third quarter of 2022 to $112-115 million, up from previous expectations of $96-100 million and down from Street View’s $98.83 million.
- The updated forecast included $100 million in recurring revenue. This reflected continued success in the core smartphone licensing program and new licensing agreements signed in the consumer electronics, automotive and IoT revenue categories.
- InterDigital indicated that its third quarter operating expenses would be between $88 million and $90 million, including an $11 million to $13 million increase in the company’s performance-based compensation accruals.
- In addition, InterDigital forged a patent license agreement with a big tech company. The financial terms of the deal remain secret.
- InterDigital reported Q2 FY22 revenue grew 42% year over year to $124.7 million, beating consensus of $122 million.
- Price promotion: IDCC shares traded up 16.63% to $47.14 on the latest check Monday.
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