SAN JOSE, Calif. - Xperi (NASDAQ:ADEA) Inc. (NYSE: XPER), a company specializing in entertainment technology, announced the preliminary outcome of its 2024 Annual Meeting of Stockholders. The early results suggest that the company's current board of directors, including Darcy Antonellis, Laura J. Durr, David C. Habiger, Jon E. Kirchner, and Christopher Seams, have been re-elected by its shareholders.
The company expressed gratitude for the stockholders' involvement and feedback, emphasizing the value of their support. Xperi's leadership acknowledged the need for ongoing efforts to ensure the company's growth and profitability. They also reiterated their commitment to focusing on the company's core entertainment technology businesses, with a belief in their strategy to deliver long-term value to shareholders.
In addition to the re-election of the board members, stockholders approved all other proposals presented during the meeting. Xperi will disclose the final voting results after they are tabulated and certified by an independent inspector of elections. The company will report these results in a Form 8-K to be filed with the U.S. Securities and Exchange Commission.
Legal counsel for the meeting was provided by Latham & Watkins LLP, while Spotlight Advisors LLC served as a financial and strategic advisor.
Xperi, known for its brands like DTS®, HD Radio™, and TiVo (NASDAQ:TIVO_old)®, along with its startup Perceive, integrates its technologies into billions of consumer devices and media platforms globally. These include smart devices, connected cars, and various entertainment experiences like the IMAX (NYSE:IMAX)® Enhanced program.
The information in this article is based on a press release statement from Xperi Inc.
InvestingPro Insights
In light of Xperi Inc.'s recent annual meeting and the re-election of its board members, a closer look at the company's financial health and market performance through InvestingPro's lens provides additional context for investors. Xperi's gross profit margin stands out at an impressive 76.51% for the last twelve months as of Q1 2024, indicating a strong ability to convert revenue into profit despite a challenging market environment.
InvestingPro Tips reveal that Xperi operates with a moderate level of debt, which may offer some financial flexibility. Analysts are optimistic about the company's future, predicting profitability for the current year. This could signal a turning point for Xperi, which did not report profits over the past twelve months. Notably, the company's liquid assets exceed its short-term obligations, suggesting a solid position to meet its immediate financial obligations.
InvestingPro Data highlights a market capitalization of 418.52 million USD, which reflects investor valuation of the company. However, the P/E ratio is currently negative at -3.62, underscoring the recent lack of profitability. The price of Xperi's shares, as of the previous close, was 9.45 USD. For investors seeking further insights and tips, there are additional InvestingPro Tips available for Xperi at https://www.investing.com/pro/XPER. Use the coupon code PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the full range of actionable data and analysis that InvestingPro has to offer.
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