A month has gone by since the last earnings report for InterDigital (IDCC). Shares have added about 4.6% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is InterDigital due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. InterDigital's Q1 Earnings Beat on Higher RevenuesInterDigital reported solid first-quarter 2020 results, wherein both top and bottom lines surpassed the respective Zacks Consensus Estimate. Higher revenues generated from new licensing avenues highlighted the operating leverage of the company’s business model and reflected the strength of its licensing business.Net IncomeThe company reported break-even earnings in the quarter against a net loss of $2.8 million or a loss of 9 cents per share in the year-ago quarter. The significant year-over-year improvement was largely attributable to higher revenues. The bottom line surpassed the consensus mark by 9 cents.RevenuesThe wireless R&D company’s revenues totaled $76.2 million, up from $68.6 million in the year-earlier quarter. The top line surpassed the Zacks Consensus Estimate of $75 million. The increase was primarily due to new license agreements signed in the quarter.Recurring revenues during the reported quarter were $75.5 million compared with $74.2 million a year ago. While revenues from patent royalties came in at $73 million, the same from current technology solutions totaled $3.2 million.Other DetailsTotal operating expenses were $71.5 million, up from $68.8 million in the prior-year quarter due to intellectual property enforcement and non-patent litigation costs. Operating income was $4.7 million against operating loss of $0.2 million a year ago.Cash Flow and LiquidityDuring the first quarter, InterDigital utilized $26.9 million of cash for operating activities compared with cash utilization of $30.8 million in the year-ago quarter. As of Mar 31, 2020, the company had $780.9 million in cash and short-term investments along with $398.8 million of long-term debt and other liabilities.OutlookWith solid licensing agreements with leading consumer electronics customers in the reported quarter, InterDigital is eyeing a healthy licensing business despite the coronavirus-induced pandemonium. The company remains relatively immune to the adverse economic effects of the virus outbreak as fixed priced agreements make up for more than 90% of revenues.InterDigital remains poised to gain from growth opportunities from 5G rollout. For second-quarter 2020, the company expects revenues in the range of $97-$105 million owing to new licensing agreements inked with Huawei.How Have Estimates Been Moving Since Then?Fresh estimates followed an upward path over the past two months. The consensus estimate has shifted 171.7% due to these changes.VGM ScoresAt this time, InterDigital has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookInterDigital has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report InterDigital, Inc. (IDCC): Free Stock Analysis Report To read this article on Zacks.com click here.