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May 11, 2021, 4:09 p.m. EDT

Vizio's Q1 sales rise, but profit slips

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By Micah Maidenberg

Vizio Holding Corp. reported stronger television shipments and growth in accounts for its TV operating system in its first quarterly report since its public listing in March.

Vizio on Tuesday said net income slipped to $3.4 million for the January through March stretch from $9.3 million for the same period last year. Per-share earnings decreased to 2 cents from 5 cents. Analysts expected a loss of 12 cents a share.

Total revenue rose to $505.7 million from $332.5 million, ahead of the $485 million that analysts expected, according to FactSet.

Operating expenses almost doubled to $72.9 million, the company said.

"We continue to invest in the quality of our execution, the quality of our products, and most importantly, the quality of our team," Chief Executive William Wang said in a statement.

Smart television shipments rose 28% year over year to 1.5 million, Vizio said. The company reported 13.4 million active accounts for SmartCast, an operating system for its TVs that allows users to access content from Amazon Prime Video, Apple TV+, Netflix and many other streaming services.

The company is looking to generate revenue through SmartCast by selling advertising on its home screen and through other ad and marketing efforts.

Vizio's Platform+ unit, which includes those initiatives, generated $52.2 million in revenue, up from $23.7 million in the first quarter last year.

Vizio's devices unit had revenue of $453.5 million, up 47% year over year.

Vizio went public in March, with shares opening at $17.50, less than its public-offering price of $21. The Irvine, Calif.-based company had said before the listing it expected to price shares between $21 and $23.

Shares traded at $27.39 not long before the market closed on Tuesday.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

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