Xperi Holding Corporation (NASDAQ: XPER), a semiconductor and electronics firm, released a strong report for the third quarter and announced expected continued growth in the fourth. The results announced on last Tuesday caused the company’s stock to surge 24.34 percent bringing its share price to $17.32 on the day.
As the firm has a large portfolio in the promising field of image and sound processing technologies, the market for Xperi solutions is rising. Xperi has high-precision, low-temperature submicron assembly technology for electronic components used in multimedia, machine vision systems, industrial systems, mobile devices among several others.
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The revenue of Xperi rose 250 percent year-on-year to $202.8 million in the quarter ended September 30, 2020. Adjusted earnings hit $0.19 per diluted share. Wall Street expectations were met by both measures. In addition, Xperi now raised its sales forecast to $635 million for the second half of 2020. Company’s previous expectation for the sales during that period was $400 million.
Xperi’s cash and cash equivalents totaled $203 million at the end of the quarter, and the firm repurchased shares worth $35 million.
In the third quarter, the most important events for Xperi were the latest license agreement with Comcast until 2031. The company also managed to sign contracts to market its streaming service solutions to Walmart and Amazon. Xperi has also provided wireless broadcasting services for HD Radio in 14 new North American car models. Xperi technologies are also provided by the linked radio service in the new Mercedes-Benz S-Class.
Because of its solid technology portfolio, Xperi Holding Corporation (NASDAQ: XPER) retains an optimistic long-term outlook. Stock was up 1.78 percent on Friday at $18.19. Price of shares was up more than 35 percent over the past week, while the gain rose to 47.77 percent over past 30 days. Year-to-date stock price is at a bit loss of -1.68 percent.