Vizio Tops Wall Street Forecasts In First Quarter Since Smart TV Maker’s IPO

Smart TV maker Vizio exceeded Wall Street analyst forecasts for its first quarterly report as a public company, posting revenue of $505.7 million and earnings of 2 cents a share.

Analysts’ consensus called for revenue of $484.1 million and a loss of 10 cents a share.

Vizio went public in March, positioning itself as much more than a manufacturer of TV sets and sound bars. Its platform business, both as a data-driven advertising environment and a streaming distribution hub, has drawn comparisons to Roku’s. Vizio is the No. 2 smart TV firm in North America, trailing only Samsung, giving it a sizable installed base to leverage in other areas beyond electronics.

Shares in Vizio, which have gained more than 20% since the IPO, shed nearly 7% of their value in after-hours trading despite the earnings beat.

The revenue figure increased 52% over the same quarter a year ago. Revenue from the company’s surging Platform+ streaming business shot up 120% to $52.2 million. SmartCast, which is part of Platform+, finished the quarter with 13.4 million active accounts, the company said, up 57% from the 2020 period. Those viewers streamed some 3.6 billion hours of programming, a gain of 70%.

Advertising is a strategic pillar for Vizio. The company says it offers marketers better visibility on viewing given its ability to capture data at “glass level,” gauging activity equally whether it comes via streaming, pay-TV or over-the-air.

Irvine, CA-based Vizio was founded in 2002 by William Wang, who is the company’s chairman and CEO.

Read More About:

Source: Read Full Article