Vizio Holding Corp. (NYSE: VZIO) today reported third quarter results that missed analysts’ consensus estimate.
Revenue for the Irvine seller of TVs and ad services fell 26% to $435 million from the year prior. Analysts, on average, estimated that Vizio would perform slightly better this third quarter, forecasting $438 million in revenue.
The drop in revenue is primarily driven by the company’s 39% drop in device sales to $307 million.
The company, however, saw sales for its advertising division, Platform+, rise 49% to $128 million.
Vizio’s stock today dropped 6% to $9.21 a share and a $1.8 billion market cap. Following the results, shares were little changed in after-hours trading.
