Neonode Q3 revenue drops on subdued printer demand

Reuters11-06

Neonode Q3 revenue drops on subdued printer demand

Overview

Neonode Q3 revenue falls 48.7% yr/yr due to lower demand in legacy segments
Income from continuing operations rises to $13.9 mln due to patent assignment gain
Company attributes revenue decline to subdued demand in printer and automotive segments

Outlook

Company anticipates continued revenue decline in legacy segments until new customer production
Neonode focuses on expanding MultiSensing AI platform in automotive sector
Company transitions zForce platform into maintenance mode due to market dynamics

Result Drivers

LEGACY BUSINESS DECLINE - Revenue decline attributed to lower demand in printer and automotive infotainment segments
PATENT ASSIGNMENT GAIN - Income boosted by $15.5 mln gain from patent assignment to Aequitas

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Operating Expenses		$2.10 mln

Analyst Coverage

The one available analyst rating on the shares is "hold"
The average consensus recommendation for the electronic equipment & parts peer group is "buy."
Wall Street's median 12-month price target for Neonode Inc is $6.00, about 53.2% above its November 5 closing price of $2.81

Press Release: ID:nPn3vCnjNa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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