Privacy a Vizio Concern, IPO Registration Says
The California Consumer Privacy Act and California Privacy Rights Act “could mark the beginning of a trend toward more stringent privacy legislation” in the U.S., reported Vizio’s initial public stock offering registration Monday. "CCPA has prompted a number of proposals…
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for federal and state privacy legislation that, if passed, could increase our potential liability, add layers of complexity to compliance in the U.S. market, increase our compliance costs and adversely affect our business.” Vizio has “historically maintained,” and consumers have come to expect, “extensive backward compatibility for our older products and the software that supports them, allowing older products to continue to benefit from new software updates,” said the IPO. “In the near term, this backward compatibility will no longer be practical or cost-effective, and we may decrease or discontinue service for our older products.” 2020 profit soared 344% to $102.5 million on an 11% revenue gain to $2.04 billion. Vizio shipped 7.1 million smart TVs last year, up 20%. The company pulled an earlier IPO when it signed a 2016 deal to be bought by LeEco for $2 billion. The agreement later fell apart.