Xperi 'Cautious' on 2021 Outlook Amid Cord Cutting; Stock Down Post-Q4
Xperi-TiVo 2020 revenue grew 21% to $1.15 billion, which “far exceeded” expectations, said Xperi CEO Jon Kirchner on a Wednesday call. Q4 revenue was $427.8 million vs. $90.4 million in the 2019 quarter, before the TiVo deal, the company reported.…
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The company has a “cautious outlook” for 2021, said Chief Financial Officer Robert Andersen on a call (see Q4 materials here), with risk in the consumer segment. While cord cutting continues, IPTV deployments are increasing, said Kirchner. Q4 had a licensing deal with Comcast through 2031, Kirchner said. Xperi renewed and extended licenses with Cox, Sony and TCL in Q1. The company delayed to 2022 plans to separate the product and IP businesses, said Kirchner, citing impact from COVID-19 and the need for both businesses to be able to “stand on their own two feet” with “attractive growth stories.” He referenced “complex systems work” that has to be right to operate independently. Xperi stock closed down 3.7% at $21.21.