Xperi, the entertainment technology company, has unveiled its financial results for the first quarter of 2024, covering the period ending on March 31st. The report indicates that Q1 revenue reached $118.8 million (€110.2 million), decreasing from the $126.8 million recorded in 2023.
Furthermore, the company that owns TiVO, surpassed 2 million video-over-broadband subscriber households after the first quarter of 2024.
Jon Kirchner, chief executive officer of Xperi, said “Entering our second full year as an independent company, we continued to advance our transformation, delivered solid financial results across our key growth areas, and made progress on several strategic initiatives. While revenue was down year over year due in part to the impact of the AutoSense and imaging divestiture, we saw strong growth in connected car, media platform, and video-over-broadband, which are our most attractive opportunities. As we focus on executing our independent media platform strategy to drive profitable growth, we are taking steps to further reduce expenses as part of our ongoing business transformation.”
Kirchner further said, “We expect the next several quarters will be an exciting time for Xperi as our TiVo OS footprint begins to scale, our video-over-broadband offering continues to grow at double digit rates, and our connected car deployments accelerate. We believe we are on track to achieve the multi-year targets we announced in September 2022, as these growth drivers and the continued execution of our strategy set the stage for significant long-term revenue growth and margin expansion.”
Additionally, Xperia has also unveiled plans for the imminent launch of smart TVs “Powered by TiVo” by another esteemed global Japanese brand. These television sets are slated to hit retail shelves across Europe and the UK from June 14th, ahead of the highly anticipated UEFA Euro 2024 tournament.
Notably, UK retailer Argos has begun deploying the TiVo operating system in their Bush house brand of smart TVs. These television sets represent one of the initial implementations of Freely, the newly launched UK streaming service offering live TV over broadband. Additionally, across numerous major European countries Vestel has commenced shipping smart TVs powered by TiVo under a diverse array of brands.
