Xperi’s Connected Car and Consumer Experience businesses helped increase revenues in the second quarter as the TiVo-owner saw declines in its pay-TV business.
The increase in Q2 was mostly driven by TiVo Stream 4K device sales and a significant renewal on the audio side for TVs, soundbars and receivers. The number of activated TiVo Stream 4Ks grew significantly quarter-over-quarter helped by a growing retail distribution presence that has included Amazon and Walmart.
Over 20 streaming services have been integrated into the TiVo Stream 4K Discovery Experience, including Netflix, Disney+, Prime, HBO Max, Peacock, Paramount+ and Hulu.
Jon Kirchner, chief executive officer of Xperi said: “We delivered strong second quarter revenue and earnings driven by certain deals closing earlier than expected and some expenses shifting to later in the year, increasing our visibility to achieve our full year financial outlook.”
Total product revenue was $120.4 million, up 6% year-over-year.