Immersion (NASDAQ: IMMR) reported Q1 EPS of $2.34, $0.99 better than the analyst estimate of $1.35. Revenue for the quarter came in at $85.4 million versus the consensus estimate of $51.03 million.

• Non-GAAP net income for the first quarter of 2018 was $71.5 million, or $2.34 per diluted share.
• Record Revenues of $85.4 million
• 31% Decrease in Operating Expenses
• Upwardly Revised Annual Revenue Guidance of $108 million to $118 million
• As of March 31, 2018, Immersion’s cash, cash equivalents and short-term investments were $139.0 million, compared to $46.5 million as of December 31, 2017.

Management Commentary and Business Outlook

“We are very pleased with the progress Immersion has made over the past six months,” said Carl Schlachte, interim CEO and Chairman of the Board. “While we still have work to do, the company’s restructuring and renewed focus on our underlying fundamentals is showing strong early returns. We remain confident in Immersion’s continued ability to monetize our technology across the trends we see happening in the haptic ecosystem today.”

“With the revenue treatment of certain of our fixed license fee agreements in the first quarter under ASC 606, the success in licensing new customers in the automotive market and the strength of our pipeline as we see it today, we now expect revenue in 2018 to be between $108 million and $118 million. We anticipate Non-GAAP net income of $59 million to $67 million. Our guidance remains independent of possible litigation outcomes,” concluded Mr. Schlachte.

GUIDANCE:

Immersion sees FY2018 revenue of $108-118 million, versus the consensus of $87.19 million.

For earnings history and earnings-related data on Immersion (IMMR) click here.