Why is Digital Turbine (APPS) stock down 36% today?
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digital turbine (NASDAQ:APPLICATIONS) the stock is down on Thursday after the release of the latest earnings report from the mobile advertising company.
The bad news for APPS shares starts with the company’s adjusted earnings per share of 14 cents. This is below the 18 cents per share that Wall Street expected for the quarter. It is also lower than the 39 cents per share reported in the same period a year earlier.
On top of that, revenue only reached $140.12 million. That’s another shortfall next to analysts’ earnings estimate of $143.14 million for the period. It doesn’t help that it’s a 24% drop in revenue year over year.
Bill Stone, CEO of Digital Turbine, provided the following information in the earnings report.
“Macro headwinds have had a negative impact on overall ad spend in recent quarters, but we are starting to see stabilization and renewed confidence among advertisers, which has helped us sign several notable strategic demand partnerships. during the March quarter.”
APPS Outlook hits stock
Digital Turbine’s outlook for its fiscal first quarter of 2024 is also lackluster. He expects adjusted EPS to be between 11 cents and 13 cents, as well as revenue between $140 million and $145 million. However, Wall Street is looking for 22 cents per share and revenue of $148.53 million for the quarter.
APPS stock is down 36.3% on Thursday morning.
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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.