Immersion (NASDAQ: IMMR) reported Q3 EPS of $0.15, $0.06 better than the analyst estimate of $0.09. Revenue for the quarter came in at $7.6 million versus the consensus estimate of $7.45 million.

Third Quarter Financial Summary:

• Total revenues of $7.6 million, compared to $10.6 million in the third quarter of 2019. Royalty and license revenues were $7.5 million, compared to $10.5 million in the third quarter of 2019.
• GAAP operating expenses of $5.0 million declined 58% from $11.8 million in the third quarter of 2019. Non-GAAP operating expenses of $3.6 million declined 65% from non-GAAP operating expenses of $10.2 million in the third quarter of 2019. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)
• GAAP net income was $2.9 million, or $0.11 per diluted share, compared to GAAP net loss of $1.4 million, or $0.04, in the third quarter of 2019.
• Non-GAAP net income was $4.1 million, or $0.15 per diluted share, compared to non-GAAP net income of $0.2 million, or $0.01, in the third quarter of 2019.
• As of September 30, 2020, cash and cash equivalents increased to $55.9 million.

Eric Singer, Immersion's Executive Chairman, commented, "Over the past several months, the newly reconstituted Board has been working to align costs, ensure resources are focused on the best near- and long-term revenue opportunities and act with a laser focus on ensuring our actions are aligned to maximizing value for all shareholders. Leadership transitions announced today further these efforts and align with the Board's objectives."

The Company announced the departure of Ramzi Haidamus, the Company's prior Chief Executive Officer, and the appointment of Jared Smith as its Interim Chief Executive Officer. Mr. Smith has led Immersion's sales and business development organization as its Vice President of Worldwide Sales since June 2019 and has served in sales, business development, and partnership executive roles for over 20 years in the technology industry.

"I’m very excited for the opportunity to lead Immersion as we continue to expand the use of haptics into markets where we see the most compelling opportunities – mobile, gaming and automotive,” Mr. Smith said. “Our significantly improved operating structure provides a solid foundation upon which we can continue to build opportunities for growth, while maintaining the discipline to focus on profitability and driving value for our shareholders.”

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