Adeia Reports Strong Q4 Performance, Revenue Up 24%
SAN JOSE, Calif., March 8, 2023 - Adeia Inc. (ADEA) today announced its financial results for the fourth quarter and full year ended December 31, 2022.
Q4 Financial Highlights:
* Net income of $36 million, or 32 cents per share
* Adjusted earnings of 47 cents per share
* Revenue of $119.2 million, an increase of 24% year-over-year
Full-Year Financial Highlights:
* Net income of $64.6 million, or 57 cents per share
* Revenue of $376 million, a growth of 22% year-over-year
Despite a 4% decline since the start of the year, Adeia shares saw a significant 9% increase in the past 12 months. At the close of trading on Tuesday, shares were valued at $13.47.
Adeia's strong financial performance is attributed to its innovative chip technology for small electronic devices. The company continues to expand its market share and invest in research and development to drive future growth.