• by Wayne Friedman , May 10, 2023

Vizio Holdings Corp. has seen growth in its “platform” business from advertising and subscription revenue in the first quarter, despite challenges in the sale of smart TV sets.

Smart TV platform revenue rose 22% in the first quarter to $125.5 million -- with its advertising business 24% higher than the first quarter of 2022. The company did not disclose specific financial details for advertising.

Its smart TV ‘Platform+’ business witnessed a 14% hike in gross profit to $73.8 million.

Vizio saw its SmartCast platform gain 12% in active accounts -- now 17.5 million. -- with the average revenue per user per month 23% higher to $29.20.

Vizio's bigger "device" business -- largely smart TV sets -- sank a massive 40% to $231.2 million, while smart TV shipments were down 32% to 900,000 from 1.4 million. 

On a positive note, the overall company net loss was narrowed to $700,000 from $11 million in year-ago period.

In Tuesday trading, Vizio's stock close 2% higher to $8.64, and in after-hours trading, the share price improved 7%.