InterDigital up after raising Q3 revenue forecast

InterDigital

03/10/2022 12:44

** Shares of tech research firm InterDigital  IDCC.O  up
1.5% to $41.02 premarket
    ** Co expects Q3 total revenue to be between $112 mln and
$115 mln, up from previous expectation of $96 mln-$100 mln 
    ** Says the increase reflects continuing success in the core
smartphone licensing program as well as new licensing agreements
signed within its consumer electronics, automotive and IoT
revenue category 
    ** Separately, IDCC says it renewed patent license agreement
with iPhone maker Apple Inc  AAPL.O   urn:newsml:reuters.com:*:nGNXc7p45Q
    ** Adds it expects to recognize ~$134 mln in revenue each
year over the seven-year term of the license
    ** Also says the agreement with AAPL has no impact on Q3
revenue
    ** Stock down 43.6% YTD, as of last close
 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))