InterDigital (NASDAQ: IDCC) reported Q1 EPS of $0.18, $0.18 better than the analyst estimate of $0.00. Revenue for the quarter came in at $78.6 million versus the consensus estimate of $79.97 million.

First Quarter 2021 Financial Highlights

• Recurring revenue was $78.6 million, compared to recurring revenue of $75.5 million in first quarter 2020, a 4% year-over-year increase. Total revenue was $82.4 million, compared to $76.2 million in first quarter 2020, an 8% year-over-year increase.
• Operating expenses were $70.4 million, compared to $71.5 million in first quarter 2020.
• Operating income increased to $12.0 million, compared to $4.7 million in first quarter 2020.
• Net income1 was $5.6 million, or $0.18 per diluted share, compared to net income of $0.1 million in first quarter 2020. As previously disclosed, first quarter 2020 net income included a $4.4 million net gain, primarily from the write-up of a long-term investment.

“I am excited to join a company that’s so well positioned,” said Liren Chen, President and CEO of InterDigital. “We began 2021 with great momentum signing three license agreements in the first four months, including the renewal with Sharp Corporation. We remain focused on pursuing agreements with unlicensed customers in both the handset and consumer electronics markets.”

“I am pleased to report another quarter of great financial results that highlighted the strength of our operating model, where solid year-over-year revenue growth saw us more than double operating income,” noted Richard Brezski, CFO of InterDigital.

For earnings history and earnings-related data on InterDigital (IDCC) click here.