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InterDigital, Inc. (NASDAQ:IDCC) shares are trading higher on Tuesday after the company issued preliminary results for the fourth quarter, with an outlook for the first quarter (Q1) of 2024.
For the fourth quarter, the company said it expects total revenue to be approximately $105 million, composed primarily of recurring revenue and in line with prior guidance. The street view stands at $104.2 million.
Non-GAAP diluted earnings per share3 is expected to be approximately $1.34, above the previous expectation of $1.17 to $1.29. The analyst consensus stands at $0.71.
These increases are primarily related to the company’s expected release of a value allowance against deferred tax assets in certain foreign jurisdictions.
Adjusted EBITDA for the fourth quarter is expected to be approximately $52 million, at the top end of the prior guidance.
Outlook: For the first quarter, total revenue is expected to be $245 million to $255 million, including approximately $152 to $160 million of catch-up sales. The analyst consensus stands at $106.12 million.
Net income is expected to be in the range of $70 million to $85 million, or $2.50 to $3.00 per diluted share.
Price Action: InterDigital shares are trading higher by 2.65% to $106.10 on the last check on Tuesday, Jan. 16.
Posted In: IDCC
