Vizio Holding Corp. (NYSE: VZIO) notched gains in the first quarter for its increasingly important advertising and licensing Platform+ division.
The Irvine-based smart TV and advertising company, which went public in March, said Platform+ revenue in the first quarter jumped 120% to $52.2 million.
The division generates money from advertising, subscriptions and licensing deals with marketers. Platform+ net revenue is projected to be in the range of $55 million to $59 million in the current quarter, with a gross profit estimate between $36 million to $40 million.
Vizio’s legacy smart TV business grew 47% in the quarter from a year earlier to total $453.5 million.
The company overall reported net revenue up 52% to $505.7 million, beating analyst expectations of $484.1 million.
Vizio’s net income totaled $3.3 million, down 64% from a year earlier. Analysts on average expected a loss of $1.6 million.
Shares of the company were down 8.4% to $25.05 in after-hours trading Tuesday on the quarterly update. Vizio has a market cap of $5 billion.