The bad news for APPS stock starts with the company’s adjusted earnings per share of 14 cents. That’s below the 18 cents per share that Wall Street was expecting for the quarter. It’s also below the 39 cents per share reported in the same period of the year prior.
Adding to this, revenue only came in at $140.12 million. That’s another miss next to analysts’ revenue estimate of $143.14 million for the period. Not helping matters is that that represents a 24% decline in revenue year-over-year (YOY).
Bill Stone, CEO of Digital Turbine, provided the following insight in the earnings report:
“Macro headwinds have adversely impacted overall ad spending in recent quarters, but we are starting to see stabilization and renewed confidence among advertisers, which helped us to sign several notable strategic demand partnerships in the March quarter.”
APPS Outlook Hits Stock
Digital Turbine’s outlook for the first quarter of fiscal 2024 was also lackluster. The company expects adjusted EPS to range from 11 cents to 13 cents alongside 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% as of Thursday morning.
Investors on the lookout for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Thursday! That coverage includes everything happening with shares of Biocept (NASDAQ:BIOC), Wireless Telecom Group (NYSEMKT:WTT) and Kubient (NASDAQ:KBNT) stock today. All of that news is ready to go at the links below!
More Stock Market News For Thursday
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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.