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Linktone Ltd. Reports Unaudited Third Quarter 2012 Financial Results

SINGAPORE, Nov. 12, 2012 /PRNewswire-FirstCall/ -- Linktone Ltd. (NASDAQ: LTON or "the Company"), a provider of media and entertainment content and services in key strategic markets in Asia, today announced its unaudited financial results for the third quarter ended September 30, 2012.

THIRD QUARTER 2012 FINANCIAL HIGHLIGHTS

US$ million, except for per ADS items and %


Three months ended






September 30,
2011


June 30,
2012


September 30,
2012

% change
vs Sep'11

% change
vs Jun'12

Gross Revenues


$16.6


$12.1


$12.1

-27%

0%

Gross Profit


6.6


4.4


4.4

-33%

0%

Operating Income / (Loss)


0.7


(1.9)


(2.1)

-400%

11%

GAAP Net Income


4.6


8.1


12.1

163%

49%

GAAP Net Income per ADS (Diluted)


$               0.11


$               0.20


$               0.29

164%

45%












Non-GAAP Net Income


4.7


8.2


12.1

157%

48%

Non-GAAP Net Income per ADS (Diluted)


$               0.11


$               0.20


$               0.30

173%

50%

THIRD QUARTER 2012 OPERATIONAL HIGHLIGHTS

Commenting on the results, Mr. Hary Tanoesoedibjo, Group Chief Executive Officer said, "Against a backdrop of ongoing regulatory and macroeconomic headwinds which impacted certain of our business segments, we delivered gross revenues within our guidance range and robust bottom-line growth.  While our operational performance was mixed, with sequential growth in mobile games and VAS audio-related services offset by a decline in revenue from VAS data-related services and online games and social commerce, our underlying business remains healthy and we continued to make significant strides with our multi-faceted growth strategy in the first nine months of 2012." 

"We have made progress recently in terms of both expanding our digital properties and product offering.  In China, we launched Fumubang.com, where our simple mission is to enhance the joy of parenting. We aim for Fumubang.com to be a leading platform for the new generation of parents in China's first-tier cities.  The site offers a wide range of content, applications, e-commerce and social networking options centered on child care, family services, health care and pregnancy, education and training as well as family entertainment."

"Earlier in the year, PT Linktone acquired Okezone.com, Indonesia's third most popular news and entertainment website, which we have successfully merged with PT Linktone's mobile operation.  The combination of these businesses provides us with a significant presence in both the online and mobile arena, and increases our reach to the millions of users at home and on the go. In addition, during the third quarter, we rolled out mobile games for Android-based smartphones, further strengthening our offering and expanding our potential gaming customer base.  We also began to offer a greater variety of mobile games via the Google Play store, allowing us to further expand our multi-million user base outside of China, primarily in America, Europe and Asia."

"The expansion of our multi-platform, multi-territory strategy for media content is also on track in Southeast Asia. Indonesia remains a key focus for Linktone. Through PT InnoForm, we are tapping into the enormous demand in Indonesia for entertainment content across all platforms, while also leveraging our relationship with our parent company, Global Mediacom, the largest media conglomerate in the country." 

"With the continued development of our digital properties, social commerce, mobile gaming and multimedia content distribution, we have laid the foundation for a truly diversified, multi-platform and multi-territory media and entertainment business. We will continue to invest in new services and content to further strengthen and diversify the scope and depth of our portfolio and revenue streams.  With a healthy balance sheet and a clear strategy in place, we remain confident in our ability to deliver sustainable growth and increasing shareholder value over time."       

FISCAL THIRD QUARTER 2012 UNAUDITED FINANCIAL RESULTS

Gross revenues remained flat at $12.1 million in the third quarter of 2012. On a year-over-year basis, gross revenues decreased from $16.6 million in the third quarter of 2011. This decline was primarily attributable to the decline in VAS data-related services revenue due to the more stringent restrictions imposed by regulators in Indonesia and weaker than expected sales performance of movies and children's edutainment titles.

Linktone's third quarter revenue mix included VAS data-related services (SMS, MMS, WAP, and Java), VAS audio-related services (IVR and RBT), distribution of media content, mobile and PC games as well as social commerce. The breakdown of revenue in the third quarter was as follows:

Third Quarter Revenue Mix



Three months ended

US$ million, except for %


June 30,
2012


September 30,
2012



Gross


% of Gross Revenues


Gross


% of Gross Revenues



Revenues



Revenues


VAS Data-related services


$5.2


43%


$4.8


40%

VAS Audio-related services


2.7


22%


2.9


24%

Media content


2.7


22%


2.7


22%

Mobile games


0.6


5%


1.2


10%

PC games


0.3


3%


0.1


1%

Social commerce


0.6


5%


0.4


3%

Total gross revenue


$12.1


100%


$12.1


100%

The shift in the Company's third quarter 2012 revenue mix was primarily related to the increase in mobile games revenue, partially offset by a decline in VAS data-related revenue in both China and Indonesia.

Data-related services revenue in the third quarter accounted for 40% of gross revenues, or $4.8 million, a decline of 8% from the second quarter of 2012. The sequential decline was primarily due to a decrease in SMS revenue from Linktone's China and Indonesian operations.

The breakdown of VAS data-related services revenue in the third quarter was as follows:



Three months ended

US$ million, except for %


June 30,
2012


September 30,
2012



Gross


% of Gross Revenues


Gross


% of Gross Revenues



Revenues



Revenues


SMS


$4.1


34%


$3.7


31%

MMS


0.9


7%


0.9


7%

WAP and JAVA


0.2


2%


0.2


2%

Total Data-related services


$5.2


43%


$4.8


40%

Audio-related services revenue in the third quarter accounted for 24% of gross revenues, or $2.9 million, a 7% increase over the second quarter of 2012. The sequential increase in audio-related services revenue was driven by the seasonal increase in IVR revenue in China during the summer school holidays.

The breakdown of VAS audio-related services revenue in the third quarter was as follows:



Three months ended

US$ million, except for %


June 30,
2012


September 30,
2012



Gross


% of Gross Revenues


Gross


% of Gross Revenues



Revenues



Revenues


IVR


$1.7


14%


$2.0


17%

RBT


1.0


8%


$0.9


7%

Total Audio-related services


$2.7


22%


$2.9


24%

Media content revenue in the third quarter accounted for 22% of gross revenues, or $2.7 million, consistent with the second quarter of 2012.

Mobile games revenue in the third quarter accounted for 10% of gross revenues, or $1.2 million, an approximately 100% increase from the second quarter of 2012.  This increase was mainly driven by development of games for the Android platform. 

Social commerce revenue generated by Okezone.com, which was acquired in the second quarter, accounted for 3% of gross revenues, or $0.4 million for the third quarter of 2012.  

MARGINS, EXPENSES AND BALANCE SHEET

US$ million, except for %



Three months ended





September 30,
2011


June 30,
2012


September 30,
2012

% change
vs Sep'11

% change
vs Jun'12

Gross profit margin



40%


36%


36%



Operating profit / (loss) margin



4%


(16%)


(17%)













Operating expenses



$6.0


$6.3


$6.6

10%

5%

Selling and marketing expenses



2.5


1.8


2.0

-20%

11%

Product development expenses



0.6


0.8


1.0

67%

25%

General and administrative expenses



2.9


3.7


3.6

24%

-3%











Operating profit / (loss)



0.7


(1.9)


(2.1)

-400%

11%

Income before tax



5.2


7.5


11.5

121%

53%

Income tax expense / (benefit)



0.1


(0.4)


(0.1)

-200%

-75%

GAAP Net Income



4.6


8.1


12.1

163%

49%

Gross profit for the third quarter 2012 was $4.4 million, in-line with the previous quarter, and gross profit margin remained unchanged on a sequential basis at 36%.

Operating expenses for the third quarter 2012 were $6.6 million, an increase of 5% quarter-over-quarter.

Selling and marketing expenses were $2.0 million for the third quarter of 2012, representing an 11% increase quarter-over-quarter, due to increased spending on advertising and promotions in support of film distribution, in-line with the increase in theatrical revenue under media content. 

Product development expenses were $1.0 million in the third quarter of 2012, representing a 25% increase quarter-over-quarter, primarily due to government subsidies of $0.2 million received and recognized in the second quarter of 2012.

General and administrative expenses were $3.6 million in the third quarter of 2012, 3% lower than the previous quarter.

Operating loss for the third quarter of 2012 was $2.1 million, an increase of 11% quarter-over-quarter. Operating loss margin was 17%, compared to 16% in the previous quarter, primarily due to higher operating expenses.

Income tax benefit was $0.1 million for the third quarter of 2012, a decrease of 75% quarter-over-quarter as there was a reversal in the second quarter of 2012 for an over provision for withholding tax amounting to $0.3 million.

GAAP net income increased to $12.1 million, or $0.29 per diluted ADS, in the third quarter of 2012, compared with GAAP net income of $8.1 million, or $0.20 per diluted ADS, in the second quarter of 2012. This compared with a GAAP net income of $4.6 million, or $0.11 per diluted ADS, in the third quarter of 2011. The Company's third quarter 2012 net income included realized gains from the sale of certain shares of PT Global Mediacom TBK ("Global Mediacom"),  the parent company of Linktone, as discussed below under the heading "Investing Activity".

Cash and cash equivalents and short-term investments totaled $123.0 million as of September 30, 2012 compared to $112.1 million as of June 30, 2012.

The $10.9 million net increase over the second quarter of 2012 was largely attributable to an increase in the quoted marked-to-market valuation of the investments held by the Company as of September 30, 2012.

INVESTING ACTIVITY

Linktone sold 157 million shares of Global Mediacom in the third quarter of 2012 for gross proceeds of $28.1 million and realized a gain on the sale of $13.2 million.

Linktone purchased 24 million shares of PT Media Nusantara Citra TBK and 23 million shares of PT MNC Sky Vision TBK in the third quarter of 2012 for $11.0 million.

FOURTH QUARTER FISCAL 2012 OUTLOOK

For the fourth quarter ending December 31, 2012, Linktone anticipates gross revenues to be in the range of $12 million to $14 million. These forecasts reflect the Company's current and preliminary view, which is subject to change.

USE OF NON-GAAP FINANCIAL MEASURES

The reconciliation of GAAP measures with non-GAAP measures for net income and net income per diluted ADS included in this press release is set forth after the attached unaudited financial information.  Linktone believes that the supplemental presentation of Non-GAAP net income and Non-GAAP net income per diluted ADS, adjusted to exclude the effect of share-based compensation expense and provision for impairment/ gain on recovery of bad debt, provides meaningful non-GAAP financial measures to help investors understand and compare business trends among different reporting periods on a consistent basis, independently of share-based compensation and items not indicative of Linktone's future ongoing operating results.  Thus, the non-GAAP financial measures provide investors with another method for assessing Linktone's operating results in a manner that is focused on the performance of its ongoing operations. Linktone management also uses non-GAAP financial measures to plan and forecast results for future periods.  Readers are cautioned not to view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP results with non-GAAP results accompanying this press release.

ABOUT LINKTONE LTD.

Linktone Ltd. is a provider of rich and engaging services and content to a wide range of traditional and new media consumers and enterprises in Mainland China, Indonesia, Malaysia, Hong Kong and Singapore. Linktone focuses on media, entertainment, communication and edutainment products, which are promoted through the Company's strong nationwide distribution networks, integrated service platforms and multiple marketing sales channels, as well as through the networks of leading mobile operators in Mainland China and Indonesia.

FORWARD-LOOKING STATEMENTS

This press release contains statements of a forward-looking nature.  These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.  You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements.  The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: Linktone's ability to expand into Asian markets outside of the People's Republic of China ("PRC") and diversify its revenue base; changes in the policies of the relevant government regulators or telecom network operators in China and Indonesia or in the manner in which the operators interpret and enforce such policies, including policies which reduce the prices the Company may charge customers; the risk that other changes in applicable laws and regulations, including without limitation tax and media-related laws or laws relating to the usage of telecom value-added services, or in application thereof by relevant governmental authorities, could adversely affect Linktone's financial condition and results of operations; the risk that Linktone will not be able to realize meaningful returns from investments it makes, including its acquisitions or strategic partnerships, or may be required to record provisions for impairments in the value of the Company's investments; Linktone's ability to cost-effectively market its services and products; the risk that Linktone will not be able to compete effectively in the telecom value-added services market in the PRC and the other markets in which it operates including the VAS market in Indonesia and the market for edutainment and entertainment products and social commerce, for whatever reason, including competition or changes in the regulatory environment; the risk that Linktone will not be able to effectively manage entities that it acquires or effectively utilize their resources; and the risks outlined in Linktone's filings with the Securities and Exchange Commission, including its registration statement on Form F-1 and annual report on Form 20-F. Linktone does not undertake any obligation to update this forward-looking information, except as required under applicable law.


CONTACTS:

Investor Relations (HK):
Mahmoud Siddig, Managing Director
Taylor Rafferty
Tel: +852-3196-3712
Email: [email protected]

Investor Relations (US):
Bryan Degnan, Senior Associate
Taylor Rafferty
Tel: +1-212-889-4350

Email: [email protected]

 

- Financial Tables to Follow -

 

LINKTONE LTD.

CONSOLIDATED BALANCE SHEETS


(In U.S. dollars, except share data)



December 31,

September 30,


2011

2012


(audited)

(unaudited)

Assets



Current assets:



Cash and cash equivalents

40,921,818

54,062,926

Restricted cash

603,088

-

Short-term investments

56,584,958

68,971,386

Accounts receivable, net

17,048,783

15,412,712

Tax refund receivable

1,177,761

445,167

Inventories

1,881,749

1,855,271

Due from related parties

2,375,450

1,654,858

Deferred tax assets

486,176

483,833

Deposits and other current assets

5,702,726

5,721,825

Total current assets

126,782,509

148,607,978




Property and equipment, net

11,195,432

11,543,215

Non-current assets held for sale

814,878

853,981

Intangible assets, net

9,525,908

8,456,205

Goodwill

40,483,355

40,516,426

Deferred tax assets

369,706

400,601

Other long-term assets

1,024,442

2,128,627




Total assets

190,196,230

212,507,033




Liabilities and shareholders' equity



Current liabilities:



Account payable, accrued liabilities and other payables                                       

14,980,545

16,170,155

Due to related parties

16,198

40,989

Short-term loan

4,781,181

7,071,217

Taxes payable

4,088,188

2,068,007

Deferred revenue

387,149

422,124

Deferred tax liabilities

126,034

120,808

Total current liabilities

24,379,295

25,893,300

 

LINKTONE LTD.

CONSOLIDATED BALANCE SHEETS


(In U.S. dollars, except share data)



December 31,

September 30,


2011

2012


(audited)

(unaudited)

Long-term liabilities



Deferred tax liabilities

2,761,348

2,536,361

Long term loan

511,878

132,661

Other long-term liabilities

67,688

49,655




Total liabilities

27,720,209

28,611,977




Shareholders' equity



Linktone Ltd. shareholders' equity:



     Ordinary shares ($0.0001 par value; 500,000,000 shares authorized, 421,435,030 shares issued and 410,422,650 shares outstanding as of December 31, 2011 and 421,435,030 shares issued and 409,243,820 outstanding as at September 30, 2012, respectively)

42,144

42,144

Additional paid-in capital

137,745,875

137,872,254

Treasury stock

(1,425,204)

(1,578,050)

Statutory reserves

2,466,165

2,500,055

Accumulated other comprehensive income:



Unrealized gain on investment in marketable securities

4,453,157

3,315,824

Cumulative translation adjustments

10,973,973

11,296,216

Accumulated income / (losses)

(14,425,929)

9,503,920

Noncontrolling interest

22,645,840

20,942,693

Total shareholders' equity

162,476,021

183,895,056




Total liabilities and shareholders' equity

190,196,230

212,507,033

 

LINKTONE LTD.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In U.S. dollars, except share data)



Three months ended

Nine months ended


September 30,

June 30,

September 30,

September 30,

September 30,

2011

2012

2012

2011

2012

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Gross revenues

16,553,244

12,143,963

12,062,287

44,449,185

35,814,598

Sales tax

(271,940)

(234,570)

(239,401)

(1,053,973)

(652,147)

Net revenues

16,281,304

11,909,393

11,822,886

43,395,212

35,162,451

Cost of services

(9,654,775)

(7,552,964)

(7,390,833)

(27,074,488)

(22,586,095)

Gross profit

6,626,529

4,356,429

4,432,053

16,320,724

12,576,356

Operating expenses:






    Product development

(571,098)

(757,641)

(988,882)

(1,763,256)

(2,672,340)

    Selling and marketing

(2,467,365)

(1,819,751)

(1,957,381)

(6,814,574)

(5,524,779)

   General and administrative

(2,866,581)

(3,712,352)

(3,606,083)

(8,693,010)

(10,494,175)

(Provision for impairment)/Gain on recovery of bad debt

(66,005)

-

-

10,425

-

Total operating expenses, net

(5,971,049)

(6,289,744)

(6,552,346)

(17,260,415)

(18,691,294)

Income / (Loss) from operations

655,480

(1,933,315)

(2,120,293)

(939,691)

(6,114,938)

Interest income

388,830

479,033

397,621

1,974,782

1,303,526

Dividend income from short-term investment 

-

-

364,027

-

364,027

Gain on sale of investment

4,754,020

9,626,768

13,184,186

4,954,020

27,938,014

Other income / (loss)

(606,100)

(661,561)

(304,251)

16,735

(1,261,228)

Income before tax

5,192,230

7,510,925

11,521,290

6,005,846

22,229,401

Income tax benefit/(expense)

(146,500)

366,621

94,767

(360,190)

530,229

Less: Net (income)/loss attributable to non-controlling interest

(426,128)

227,026

445,482

(471,062)

1,170,221

Net income

4,619,602

8,104,572

12,061,539

5,174,594

23,929,851

Other comprehensive income/ (loss):

(5,544,486)

(16,211,351)

(2,922,717)

(2,334,161)

(815,090)

Comprehensive income/ (loss)

(924,884)

(8,106,779)

9,138,822

2,840,433

23,114,761







Basic income per ordinary share:






   Total net income

0.01

0.02

0.03

0.01

0.06

Diluted income per ordinary share:






   Total net income

0.01

0.02

0.03

0.01

0.06







 

LINKTONE LTD.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In U.S. dollars, except share data)



Three months ended

Nine months ended


September 30,

June 30,

September 30,

September 30,

September 30,

2011

2012

2012

2011

2012

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Basic income per ADS:






   Total net income

0.11

0.20

0.29

0.12

0.58

Diluted income per ADS:






   Total net income

0.11

0.20

0.29

0.12

0.58







Weighted average ordinary shares:






   Basic

421,435,030

409,243,820

409,243,820

421,374,720

409,310,634

   Diluted

421,435,030

409,244,813

409,545,439

421,426,519

409,332,320







Weighted average ADSs:






   Basic

42,143,503

40,924,382

40,924,382

42,137,472

40,931,063

   Diluted

42,143,503

40,924,481

40,954,544

42,142,652

40,933,232




LINKTONE LTD.

NON-GAAP RECONCILIATION

(In U.S. dollars, except share data)




Three months ended

Nine months ended


September 30,

June 30,

September 30,

September 30,

September 30,

2011

2012

2012

2011

2012

(unaudited)

(unaudited)

(unaudited)

(unaudited)

(unaudited)







Net income

4,619,602

8,104,572

12,061,539

5,174,594

23,929,851

Stock based compensation expense

37,179

50,037

25,475

96,739

125,549

Provision for impairment/(Gain on recovery of bad debt)

66,005

-

-

(10,425)

-

Non-GAAP net income

4,722,786

8,154,609

12,087,014

5,260,908

24,055,400







Non-GAAP diluted income per share

0.01

0.02

0.03

0.01

0.06

Non-GAAP diluted income per ADS

0.11

0.20

0.30

0.12

0.59

Number of shares used in diluted per-share calculation

421,435,030

409,244,813

409,545,439

421,426,519

409,332,320

Number of ADSs used in diluted per-share calculation

42,143,503

40,924,481

40,954,544

42,142,652

40,933,232

 

SOURCE Linktone Ltd.

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Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...