Immersion Corp. shares plunged in the extended session Thursday after the touch-feedback technology, or haptics, company reported a wider-than-expected loss for the quarter and an outlook that fell short of Wall Street estimates. Immersion shares dropped 17% to $8.90 after hours. The company reported an adjusted loss of 27 cents a share on revenue of $9.3 million. Analysts surveyed by FactSet had estimated a loss of 16 cents a share on revenue of $10.3 million. For 2017, the company forecast an adjusted loss of 76 cents to $1.05 a share on revenue of $38 million to $42 million. Analysts had estimated a loss of 21 cents a share on revenue of $54.1 million. “In addition to normal considerations, our guidance for 2017 takes into account the ongoing litigation with Apple and the current unlicensed status of Samsung,” Immersion said in a statement. Last year, Immersion filed patent infringement lawsuits against Apple Inc. for technology used in iPhones and the trackpads used in MacBooks.
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