Smart TV Firm Vizio Beats Q1 Revenue Forecast, Lifting Beleaguered Stock After Hours

SmartCast, the company's streaming hub, reached 15.6 million active accounts by the end of the quarter, up 16% year-over-year, with hours of viewing up 14% to 4.1 billion.
Average revenue per user of SmartCast surged 64% to $23.68.
While Vizio has faced supply chain issues like its peers, the quarterly numbers show signs of improvement, with a 23% increase in TV shipments versus the comparable quarter of 2019 before the coronavirus pandemic.
The company expects Platform+ revenue to hold steady with current levels in the second quarter, coming in at between $107 million and $111 million.” />
Revenue of $485.5 million slid 4% from $505.7 million but still came in well ahead of estimate's expectation for $453.7 million. Losses of 6 cents a share in the quarter were a penny below Wall Street's consensus forecast and compared with a profit of 2 cents in the year-earlier quarter.
Vizio shares, which have lost more than half their value since the company's initial public offering a bit more than a year ago, rallied almost 9% after hours. They closed the regular trading day at $7.57, up more than 1% on above-average trading volume.
Platform+, the unit encompassing advertising and user data, posted a 97% jump in revenue to $102.6 million.
"Our dual revenue model gives us the opportunity to invest in our award-winning consumer products, while also delivering continued advertising revenue growth,” CEO William Wang said.
As the No. 2 maker of smart-TVs in North America, Vizio has in recent years expanded beyond hardware to become a significant gateway for streaming.
Smart-TV firm Vizio's beleaguered stock perked up in after-hours trading after the company posted better-than-expected revenue in the first quarter.

Leave a Reply

Your email address will not be published. Required fields are marked *