Vizio swung to a profit in the fourth quarter as revenue growth in its Platform Plus data and streaming business more than offset a decline in smart-TV sales.
Net income was $4.7 million, or 3 cents a share, compared to a loss of $10.1 million, or 5 cents a share, a year ago.
Revenue was down 15% to $533 million.
Platform Plus gross profit rose 23% to $82.8 million, as revenue rose 30% to $136.5 million from $105.1 million. Platform Plus ad revenues rose 25%
SmartCast active accounts rose 15% to 17.4 million and SmartCast hours jumped 24% to 4.8 billion. Average revenue per user for SmartCast increased 31% to $28.30.
Gross profit for device sales fell to $2.9 million from $9.8 million a year ago as revenue dropped to $397 million from $523.7 million.
“2022 marked our 20th anniversary as a company that has always been focused on delivering great products and experiences at affordable prices,” Vizio CEO William Wang said. “While the year presented numerous well-known challenges, our team did a great job executing our transition to a dual revenue model. In just the third year since the launch of our Platform Plus business, we grew revenue 55% and gross profit by 41% during 2022.
“I’m very excited for what the future holds for Vizio,“ Wang added. “We remain focused and disciplined as we continue to invest in redefining the SmartTV.” ■
