Immersion Corp. swings to profit in Q3, beats estimates
Shares of Immersion Corp. (Nasdaq: IMMR) are popping in pre-market trading after the developer and licensor of touch feedback technology reported after Thursday’s close that it swung to a profit for the third quarter and beat analysts’ estimates.
For the three months ended Sept. 30, the small cap recorded net income of $0.49 million, or $0.02 per share, compared with a net loss of $3.2 million, or $0.13 per share for the third quarter of 2006. Two analysts polled by Thomson Financial were on average expecting a loss of $0.02 per share.
Revenues were $9.8 million, compared with revenue of $6.6 million for the third quarter of 2006, and the mean estimate of $9 million forecasted by two analysts polled by Thomson Financial.
Shares of Immersion (IMMR) climbed 9.4%, or $1.46, to $17 in pre-market trading. Shares of Immersion have been trading in the range of $6.50 to $20.68 for the past 52 weeks.
