Vizio swung to a profit in the second quarter as the company's platform plus business showed big gains in hours spent watching and revenue.
Net income was $2.3 million, or 1 cent a share, compared to a net loss of $14 million, or 8 cents a share, a year ago.
Net revenue rose 2% to $408.9 million.
Vizio's Platform Plus revenue jumped 69% to $110.8 million and gross profit rose 47% to $69.9 million. SmartCast active accounts were up 15% to 16.1 million and SmartCast hours spent watching increased 22% to 4.3 billion.
Average revenue per user increased 54% to $25.87.
For the third quarter, Vizio said it expects Platform Plus net revenue to be in the $120 million to $125 million range and Platform Plus gross profit to be between $75 million and $78 million.
Revenue from device sales was down 11% to $298.1 million.
"Vizio has always been focused on great design, great user experiences, but just as importantly, a culture of discipline and efficiency. I am very proud of our strong and seasoned management team that has endured many business cycles and proven to be resilient," said CEO William Wang. "Our second-quarter results show the success of the dual revenue model we've built. I am pleased to announce that our total revenue exceeded $400 million, led by our platform business, which grew 69% year-over-year to a record $111 million." ■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.