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Local Firms Post Mixed Results for Latest Quarter

Blizzard Parent Takes Hit As Mobile Revenues Fall

Orange County tech companies that reported recent financial results are generally showing healthy revenue gains but occasional net losses, as the pandemic, supply issues, inflation and now the war in Ukraine led to uncertainty.

What follows are some of the financial results reported by notable publicly traded OC tech companies over the last few weeks.

Skyworks Solutions 

Irvine-based Skyworks Solutions Inc. (Nasdaq: SWKS), which gets more than half of revenue from tech giant Apple (Nasdaq: AAPL; see story, page 1) said fiscal second-quarter revenue rose 14% year-over-year to a little over $1.3 billion.

However, net income dipped 5.9% to $305.8 million during the same period.

“Despite recent pandemic-related supply chain disruptions, we expect double-digit year-over-year revenue and earnings growth in the June quarter,” CFO Kris Sennesael, told financial analysts.

Skyworks, the fourth-largest publicly traded company based in Orange County by market cap with a valuation around $16.5 billion as of last week, has been pushing further into 5G wireless communications.

Liam Griffin, chief executive of the chipmaker, struck a positive note.

“With an expanding set of customers in high-growth markets, we are well positioned to outperform in the current environment,” Griffin told financial analysts on May 3.

Activision Blizzard 

Video game company Activision Blizzard Inc. (Nasdaq: ATVI), which has been facing allegations of discrimination and harassment, said first-quarter net revenue was nearly $1.8 billion, down from almost $2.3 year-over-year. Net income was $395 million, down from $619 million.

Activision, based in Santa Monica, is the parent company of Blizzard Entertainment in Irvine, the area’s largest software company by workers.

The Blizzard unit brought in $304 million in revenue last quarter, down from $470 million year-over-year. The drop was largely due to declines in revenues from mobile devices, according to regulatory filings.

Microsoft Inc. has agreed to buy Activision Blizzard for $68.7 billion. The transaction is subject to regulatory review and has run into some criticism from Washington.

Lantronix 

Computer networking products maker Lantronix Inc. (Nasdaq: LTRX), affected by supply chain disruptions, reported net revenue in the company’s fiscal third quarter totaled $32.3 million, up 89% year-over-year but down 4% quarter-on-quarter.

The net loss widened to $3.2 million in the quarter from almost $2.4 million in the preceding three-month period.

The company, valued around $200 million, raised its fiscal year forecast for sales growth of 75% to 80%, up from a prior range of 57% to 78%.

Viant 

Shares in advertising software company Viant Technology Inc. (Nasdaq: DSP) have fallen 45% this year to $5.28 apiece early last week, for a valuation near around $320 million, as competition heats up in the digital space.

Viant revenue in the first quarter was $42.6 million, an increase of 6% year-over-year. The company’s net loss was $13.6 million, noticeably narrower than the loss for the year-ago period.

For the current quarter, Viant expects revenue up to $55 million, or as much as a 9% increase year-over-year.

CalAmp

Vehicle tracking and management company CalAmp Corp. (Nasdaq CAMP), which is facing a challenge to its board composition, reported quarterly revenue was $68.4 million compared to $68.8 million in the prior quarter.

Its net loss in the quarter that ended Feb. 28 widened to $9.2 million from $3.2 million year-over-year.

“Visibility into product shipments still remains uncertain due to the global component supply shortages,” the company, now valued around $185 million, said at the end of April. For more, see the May 9 print edition of the Business Journal.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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