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Aug. 3, 2018, 8:21 a.m. EDT

Immersion's stock plunges after surprise revenue decline

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By Tomi Kilgore

Shares of Immersion Corp. /zigman2/quotes/209597623/composite IMMR -0.58% plummeted 16% in premarket trade Friday, after the touch feedback technology company's second-quarter results missed expectations. The company reported late Thursday a net loss that narrowed to $7.8 million, or 25 cents a share, from $14.8 million, or 51 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted loss per share was 18 cents. The average estimate of two analysts surveyed by FactSet was for a loss of 14 cents a share. Revenue fell to $6.1 million from $7.0 million, while the FactSet consensus was for a rise to $9.6 million. The company affirmed its 2018 revenue outlook of $108 million to $118 million, taking into account the recently announced settlement with Fitbit Inc. /zigman2/quotes/202323205/composite FIT +1.09% , the terms of which were confidential. Immersion's stock had doubled (up 101.6%) year to date through Thursday, while the SPDR Techology Select Sector ETF /zigman2/quotes/207444675/composite XLK +1.41% had climbed 13% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.64% had gained 5.8%.

Read the full story:
Stocks end day, week higher as market shakes of jobs report weakness, tariff tiffs

/zigman2/quotes/209597623/composite
US : U.S.: Nasdaq
$ 6.91
-0.04 -0.58%
Volume: 132,499
Aug. 6, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$193.62 million
Rev. per Employee
$1.73M
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/zigman2/quotes/202323205/composite
US : U.S.: NYSE
$ 6.48
+0.07 +1.09%
Volume: 5.56M
Aug. 6, 2020 4:05p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.71 billion
Rev. per Employee
$887,590
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/zigman2/quotes/207444675/composite
US : U.S.: NYSE Arca
$ 115.46
+1.60 +1.41%
Volume: 8.20M
Aug. 6, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,349.16
+21.39 +0.64%
Volume: 2.41B
Aug. 6, 2020 5:08p
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