Immersion Corp announced FY17 Q1 result with total revenues of $9.2 million and a net loss of $12.9 million. The revenue saw a decrease of 32% compared to $13.6 million in FY16 Q1 on account of a large one-time medical contractual payment while the net loss increased from $2.7 million a year ago.
The management indicated that they are pleased with the progress made in executing their strategy, growing the key markets and having reached a major milestone in it’s IP strategy with the conclusion of the hearing in the Immersion versus Apple case at the ITC. However, the current position of the company creates challenges in achieving optimal financial results on quarterly basis. The revenue guidance for FY17 stands at $38-$42 million.