Immersion Corp Down 6.46% To $6.28 After Earnings Miss

Immersion Corp (IMMR) said before open Monday that it earned $0.12 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $9.5 million, beating estimates by $2.1 million.

In the same quarter a year ago, the company earned $0.28 per share on revenue of $14 million.

The stock is down 6.46% to $6.28 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Immersion Corp a Bearish Sentiment Rank from InvestorsObserver.

Immersion Corp has performed a little above average during the past few months. Before the report, Immersion Corp received a Long-Term Technical Rank by InvestorsObserver of 64, putting it in the top half of stocks. The firm set a 52-week high on March 31, 2023 at $9.25 and set a 52-week low on November 14, 2022 at $6.

Immersion Corp is focused on the creation, design, development, and licensing of innovative haptic technologies that allow people to use its sense of touch more fully as they engage with products and experience the digital world. The company's software focuses on applications in mobile devices, wearables, consumer, and gaming devices markets. It generates revenue from royalty and license fees, and development contract and service fees. Geographically, the company generates a majority of its revenue from Korea.