Vizio Holding Corp. said Thursday it swung to a loss in the first quarter, as revenue from its audio-visual devices declined.
The Irvine, Ca.-based company reported a loss of $11 million, compared with net income of $3.4 million in the first quarter of 2021. Loss per share reached 6 cents in the first quarter, from earnings per share of 2 cents a year earlier.
Revenue declined to $485.5 million from $505.7 million.
The numbers outperformed market expectations for revenue of $454 million in the quarter and a loss of $12 million.
Revenue from the company’s Platform+ service almost doubled in the period to $102.6 million from $52.2 million, while revenue from device sales fell to $382.9 million from $453.5 million.