Xperi (NASDAQ:XPER) stock is falling today after the company completed a spinoff of itself from its IP licensing business.
That spinoff has Xperi separating itself from Adeia. Adeia is the IP licensing business of Xperi while the main company handles the product business. The spinoff went into effect on Oct. 1.
With this change, Xperi will focus on its portfolio of technology brands. That includes TiVo, DTS, IMAX Enhanced and HD Radio. Each of these will be used to grow the company’s media platform business.
What Will XPER Do After the Spinoff?
Jon Kirchner, CEO of Xperi, said the following about the company’s plans after the spinoff:
“Our strategy is closely aligned with broad industry growth trends and creates a highly scalable revenue stream through engagement-based monetization. Our market engagement model is well positioned to drive partner adoption by allowing TV OEMs and automotive OEMs to brand the experience, retain customer ownership, and actively participate in long term revenue generation.”
Investors appear unimpressed by today’s spinoff news. As of this writing, around 360,000 shares of XPER stock have changed hands. That’s still below its daily average trading volume of 469,000 shares.
XPER stock is down 44.5% as of noon Monday.
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InvestorPlace has all the news traders need to know about for Monday! A few examples include why shares of FingerMotion (NASDAQ:FNGR), Petrobras (NYSE:PBR) and Clovis Oncology (NASDAQ:CLVS) stock are in the news today. You can read up on all of this at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.