InterDigital, Inc. (NASDAQ: IDCC) shares started out Thursday’s trading sharply higher, as the Wilmington, Delaware-based mobile, video, and AI technology research and development company announced results for the quarter ended June 30, 2024.
Revenues totaled $223.5 million, compared to $101.6 million in the prior-year quarter. Net income rang in at $109.7 million, towering over last year’s total of $21.8 million.
“Our performance in the second quarter far exceeded the outlook and highlights how we continue to execute on our strategy and strengthen our innovation pipeline to support long-term growth,” commented CEO Liren Chen. “Given our all-time record revenue for the first half of the year and our increasing momentum across the business, we are raising our full-year revenue guidance by $70 million to between $690 million and $740 million.”
The Company raised its full year 2024 outlook and provided an initial outlook for third-quarter 2024. The outlook for third quarter 2024 is based on existing licenses only, and any new agreements that might be reached over the balance of the third quarter would be additive. The outlook for full year 2024 includes both existing licenses and the potential for new agreements over the balance of the year.
IDCC shares hiked $6.33, or 5.2%, to $129.09.
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