Vizio Holding Corp.’s (NYSE: VZIO) advertising division, Platform+, continues to climb as the business drove the TV maker and media company’s sales in the third quarter.
Irvine-based Vizio said Platform+ net revenue totaled $85.9 million, up 134% from the year-ago period and marking the company’s fastest-growing business.
Meanwhile, it’s devices division – the legacy TV and soundbar business – fell 8% in the quarter to sales of $502.5 million.
CEO and founder William Wang said in a statement “our dual revenue model is a competitive advantage, and it allows us to leverage our device business to drive rapidly growing, high-margin revenue within our Platform+ business.”
The company’s total net revenue in the quarter increased 1% from the prior year to $588.3 million in the quarter. Analysts on average expected revenue of $590.2 million.
Vizio swung to a third-quarter net loss of $18.6 million, compared to net income of $35.1 million in the year-ago period. Analysts expected a loss of $18.3 million.
Vizio also said Tuesday it named Vicky L. Free to its board of directors. Free is the current senior vice president of global marketing at Adidas. Her appointment follows the retirement of SC Huang from Vizio’s board.
Shares of Vizio were up about 1.7% in after-hours trading to $17.65 for a market cap of $3.2 billion.
