Immersion Corporation reported financial results for the first quarter ended March 31, 2018 with net revenues of $85.41 million, an increase of $76.2 million, compared to $9.22 million in Q1 2017. Net income for Q1 2018 was $69.88 million compared to net loss of $12.86 million in Q1 2017.
Immersion Corporation made drastic growth in royalty and licence revenues which were $85.33 million in this quarter, compared to $9.0 million in Q1 2017. This growth was mainly driven by getting success in licensing new customers in the automotive market. On the other hand, development, services and other business segments recorded decline of $137 thousand in revenues which were $81 thousand in Q1 2018 and $218 thousand in Q1 2017.
Looking forward to revised annual guidance for 2018, company expects revenue to be in the range of $108 million to $118 million.
