Vizio Has Q1 Gains as Linear TV Time Falls
Vizio Q1 revenue increased 52% year on year to $505.7 million. Q1 had $453.5 million from device sales (up 47%) and $52.2 million (up 120%) from Platform+, the segment incorporating SmartCast advertising monetization and Inscape automatic content recognition. Vizio shipped…
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1.5 million smart TVs, up 28% . SmartCast active accounts increased 57% to 13.4 million. Vizio viewing hours gained 42% to 6.95 billion. Profit declined 64% to $3.3 million. “We are very pleased with the results we generated in our first quarter as a public company,” said Chief Financial Officer Adam Townsend. “We continue to benefit from the rapid adoption of streaming and our expanding presence" in ads. Time spent on linear TV declined to 34% from 41%, “highlighting the continued consumer shift toward streaming,” the CFO said. The stock fell 6.6% to $25.60 at 5:48 p.m. EDT.