Stock Alert: Xperi Up 21% On Upbeat Outlook

(RTTNews) - Shares of Xperi Corp. (XPER) is gaining 21% on Wednesday morning. The company issued an upbeat billings outlook for the first quarter and full year 2020. Looking forward to the first quarter, billings are expected to be $100 million to $104 million, above the consensus estimate of $92.2 million by analysts polled by Thomson Reuters. For the full year 2020, Xperi sees billings of $400 million to $420 million, compared to analysts' estimate of $360.7 million. Xperi's fourth-quarter billings dropped to $126.7 million from $141.8 million last year. "Xperi finished 2019 on a strong note, delivering better than expected results for the fourth quarter and generating record operating cash flow for the full year as we remained focused on execution across our business," said CEO Jon Kirchner.