As the conversation around improving radio’s position in the auto dashboard continues, HD Radio and DTS AutoStage parent company Xperi reported promising financial results for the fourth quarter of 2023. This also included optimistic projections for fiscal year 2024.
In Q4 2023, Xperi saw its revenue rise to $137.2 million, up from $135.5 million in the corresponding period. However, this fell short of analyst estimates that put the revenue at $139.95 million. The company significantly reduced its net loss to $25.3 million, a considerable improvement from a $298 million loss reported in the previous year.
Adjusted earnings per share also saw an uptick, moving to $0.11 from $0.08.
Xperi CEO Jon Kirchner highlighted new developments within the Connected Car segment, including three new DTS AutoStage contracts with key automotive partners in Asia and Europe. Additionally, Xperi secured a new agreement for DTS:X decoder technology with a major US retailer and renewed its partnership with Masimo, indicating continued growth and expansion across its technology platforms.
This strategy aims to drive increased profitability, improved cash flow, and meet the company’s three-year goals for its independent media platforms.
HD Radio was not discussed, despite the ongoing debate in DC as to whether digital radio should be allowed a massive power boost.
