Xperi Shares Plunge After Spinoff From Adeia

Shares of Xperi hit a 52-week low Monday at $13.30 before closing 42.4% lower at $14.97, in its first day as an independent company on the New York Stock Exchange trading under the XPER symbol. Adeia, the IP licensing business of Xperi Holding, began trading under the ADEA symbol on the Nasdaq exchange, also Monday, after the spinoff with Xperi. Xperi Holding brands are Adeia, DTS, HD Radio, Imax Enhanced and TiVo, plus startup Perceive. Xperi CEO Jon Kirchner said the company’s strategy tracks industry growth trends “and creates a highly scalable revenue stream through engagement-based monetization.” The company’s 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,” Kirchner said. He highlighted recent Xperi customer wins including European TV maker Vestel for TiVo OS and BMW and Mercedes on the automotive side. Adeia shares closed at $7.19.