WILMINGTON, DE — InterDigital, Inc. (Nasdaq: IDCC), a pioneer in mobile, video, and AI technology research and development, has reported robust growth for the fiscal year ended December 31, 2023. The Delaware-based company announced that its revenue surged by 20%, fueled by accelerated innovation and growing licensing momentum.
Liren Chen, President and CEO of InterDigital, highlighted the company’s impressive performance and promising prospects. “InterDigital delivered significant growth in 2023, driven by accelerating innovation and licensing momentum,” Chen said. “Our momentum has continued into 2024 with our recently announced landmark agreement that licenses Samsung TVs to our video IP.”
The company’s robust financial performance was marked by significantly expanded profit margins and a record amount of capital returned to shareholders. This strong financial health underscores InterDigital’s successful strategy of investing in groundbreaking technology and securing lucrative licensing agreements.
InterDigital is a global leader in the research and development of wireless, video, artificial intelligence (AI), and related technologies. It designs and develops foundational technologies that enable immersive experiences in a broad range of communications and entertainment products and services. Its innovations are licensed worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, IoT devices, cars, and providers of cloud-based services such as video streaming.
With a rich history dating back to 1972, InterDigital has been at the forefront of wireless technology, from the earliest digital cellular systems to today’s most advanced 5G and Wi-Fi technologies. The company is also a leader in video processing and video encoding/decoding technology, with a significant AI research effort that intersects with both wireless and video technologies.
Looking ahead, InterDigital is optimistic about its growth trajectory for fiscal year 2024. “Based on the strength of contracted revenue and the potential for new agreements, we are guiding to another year of strong growth, with FY24 revenue expected in a range of $620 million to $670 million,” Chen announced.
For market watchers, InterDigital’s recent performance and future projections offer an enticing prospect. As the company continues to innovate and secure high-profile licensing agreements, it is poised for sustained growth, making it a compelling player in the global technology landscape.
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