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Why Is Digital Turbine (APPS) Stock Up 44% Today?

  • Digital Turbine (APPS) stock is rising with the release of its latest earnings report.
  • This saw its adjusted earnings per share of 34 cents beat estimates.
  • However, revenue came in just below expectations.
The Digital Turbine (APPS Stock) sign at the company's Austin headquarters.

Source: JHVEPhoto / Shutterstock.com

Digital Turbine (NASDAQ:APPS) stock is rising on Thursday as investors react to the company’s earnings report for its fiscal second quarter of 2023.

The good news for APPS stock starts with the company’s adjusted EPS of 34 cents. That figure just edges past Wall Street’s estimate of 33 cents for the quarter, even if it is down from the 44 cents reported in fiscal Q2 2022.

Unfortunately, Digital Turbine’s revenue of $174.86 million didn’t do as well. That just missed the $175.73 million that analysts were looking for in the period. It also marks a decrease from the $188.57 million reported the same time last year.

A Weak Outlook Can’t Keep APPS Stock Down Today

The company’s expectations for its fiscal third quarter of 2023 aren’t the best. That includes adjusted EPS ranging from 36 cents to 39 cents and revenue between $180 million and $190 million. For comparison, Wall Street is looking for an adjusted EPS of 38 cents on revenue of $203.37 million.

No matter the case, heavy trading is still pushing shares of APPS stock higher today. As of this writing, nearly 4 million shares of the stock have changed hands. That’s already above the daily average trading volume of about 2.3 million shares.

APPS stock is up 43.9% as of Thursday morning but still down 75% since the start of the year.

Investors seeking out more of the latest stock market news are in luck!

InvestorPlace is ready to go on Thursday with all of the most recent stock stories! Among that is what has shares of Rivian Automotive (NASDAQ:RIVN), Coupang (NYSE:CPNG) and Nio (NYSE:NIO) stock moving today. You can catch up on all of that news at the following links!

More Thursday Stock Market News

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/11/why-is-digital-turbine-apps-stock-up-44-today/.

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