Shares of Adeia Inc. (ADEA) plummeted over 10% on Wednesday after the technology licensing company lowered its full-year 2024 revenue guidance, citing potential delays in closing some large deals to 2025.
In its third-quarter earnings call, Adeia cut its 2024 revenue guidance range to $370 million - $400 million from its previous estimate, reflecting the impact of a small subset of deals potentially getting pushed to the next year. Despite the guidance cut, the company reiterated its long-term goal of growing annual revenue to over $500 million and expressed confidence in its robust pipeline of opportunities.
Adeia's CFO Keith Jones stated that the guidance adjustment is "merely timing related" and does not indicate any loss in business momentum or execution ability. The company remains confident in the overall progress towards executing its sales pipeline and continues to make strides in securing significant new license agreements in key growth areas like OTT and semiconductors.
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