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Immersion Stock Is Surging Wednesday: What's Behind The Move?
2024-08-21 21:28
Immersion Corp (NASDAQ:IMMR) shares are trading higher on the heels of the company’s second-quarter financial results. Here’s a rundown of the print.
What Happened: Immersion reported second-quarter revenue of $99.42 million, up from $6.98 million in the prior year’s period. The haptics technology company reported adjusted earnings of $1.14 per share, up from 26 cents in the prior year’s quarter, per Benzinga Pro.
Immersion highlighted recent transactions with Barnes & Noble Education Inc (NYSE:BNED) under which it acquired 42% of all outstanding common shares of Barnes & Noble, as well as control over the company through five Immersion-appointed board seats.
“The second quarter was very strong for the Company. We continue to work to protect and monetize our intellectual property. We were also able to take advantage of our strong and liquid balance sheet to make an important investment in Barnes & Noble Education,” said Eric Singer, chairman and CEO of Immersion.
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IMMR Price Action: Immersion shares were up 14.9% at $11.41 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
