Vizio Holding Corp.’s (NYSE: VZIO) advertising division notched growth in the second quarter with a rosy outlook for the Platform+ business.
Vizio bolstered its employee ranks amid in the growth with first-half hiring amounting to about 200 positions filled across the company.
Smart TVs remain the largest share of Vizio’s overall revenue with devices generating $335.6 million in the quarter. That was down 9% from the year-ago period.
Platform+, though smaller in revenue than the devices business, is growing the fastest. The division generated revenue of $65.5 million in the second quarter, up 146% from the prior year.
Platform+ generates money from advertising, subscriptions and licensing deals with marketers. Vizio said it expects third quarter net revenue for the ad division to be between $76 million and $82 million with a gross profit in the range of $55 million to $60 million.
The outlook came with full results for the second quarter that included a net revenue gain of 2% to $401.2 million. That beat analyst estimates of $385.1 million.
Vizio reported a net loss of $14 million, compared to net income of $17.3 million a year ago and off from analyst projections of a $12.3 million loss.
Vizio shares were trading up 2% in after-hours trading Wednesday to $21.46 and a market cap of $3.9 billion.
