Xperi Stock Up After It Settles With Comcast on TiVo Litigation
Xperi raised revenue guidance after its settlement with Comcast of long-standing litigation over its TiVo patent portfolio. The companies signed a 15-year licensing program for pay TV, dating to the expiration of their prior agreement, that supports Xperi’s core pay-TV…
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licensing program revenue through early 2031, said CEO Jon Kirchner on a Q3 call Monday. Comcast didn't comment Tuesday. Xperi raised second-half guidance to $625 million-$645 million from $390 million-$410 million. Xperi Q3 revenue was $202.8 million. Though end markets are beginning to show signs of recovery, Xperi remains “cautious” about the pace of recovery in 2021, Kirchner said. Shares surged 24% Tuesday to close at $17.32. Revenue in the connected car category declined 5.8% to $18.5 million due to lower production during the pandemic. Kirchner referenced signs the automotive market is starting to recover and said a recovery in HD radio shipments will track market trends. He cited car sales projections indicating a 9% recovery next year.