Immersion Corp. (IMMR) stock is experiencing a significant surge following the release of its impressive second-quarter financial results. The company, specializing in haptics technology, reported a substantial increase in revenue, reaching $99.42 million, a remarkable jump from $6.98 million in the same period last year. This growth is attributed to the company’s continued focus on protecting and monetizing its intellectual property, leading to a surge in demand for its innovative technology.
Beyond its strong financial performance, Immersion highlighted a key strategic move – acquiring 42% of all outstanding common shares of Barnes & Noble Education Inc (BNED) and securing control through five Immersion-appointed board seats. This investment demonstrates Immersion’s commitment to expanding its reach and influence within the education sector.
Eric Singer, Chairman and CEO of Immersion, expressed his satisfaction with the quarter’s results, stating, “The second quarter was very strong for the Company. We continue to work to protect and monetize our intellectual property. We were also able to take advantage of our strong and liquid balance sheet to make an important investment in Barnes & Noble Education.”
The positive news has sent IMMR shares soaring, with a 14.9% increase to $11.41 at the time of publication. This strong performance reflects investor confidence in Immersion’s growth trajectory and its strategic investments in key sectors.
