Digital Turbine Shares Tumble After Lowering FY Outlook, Missing Analysts' 2Q Estimates

Dow Jones11-07

By Connor Hart

Shares of Digital Turbine plummeted after the company slashed its fiscal-year revenue outlook and posted lower-than-expected earnings in its fiscal second quarter.

The stock was down 46%, to $1.75, in after-hours trading Wednesday. Shares had fallen by more than half year-to-date when the market closed.

The on-demand media platform said after the closing bell that it now expects revenue between $475 million and $485 million in its fiscal 2025, down from a prior outlook of between $540 million and $560 million. Analysts polled by FactSet guided for fiscal-year revenue of $547.1 million.

Chief Executive Bill Stone said headwinds during the recent quarter were more significant than the company anticipated, resulting in its lowered guidance.

Digital Turbine also on Wednesday initiated a transformation program which will target more than $25 million in annual cash expense savings.

In its fiscal second quarter, revenue fell 17%, to $118.7 million, missing the $125.8 million that analysts surveyed by FactSet expected.

The Austin, Texas, company's net loss narrowed to $25 million, or 24 cents a share, compared with $161.5 million, or $1.61 a share, in the same quarter a year ago. Last year's quarter included a $147.2 noncash goodwill impairment charge.

Adjusted earnings were 5 cents a share. Analysts were looking for 6 cents, according to FactSet.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 06, 2024 18:16 ET (23:16 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Shares had fallen by more than half year-to-date when the market closed. \n</p>\n<p>\n  The on-demand media platform said after the closing bell that it now expects revenue between $475 million and $485 million in its fiscal 2025, down from a prior outlook of between $540 million and $560 million. Analysts polled by FactSet guided for fiscal-year revenue of $547.1 million. \n</p>\n<p>\n  Chief Executive Bill Stone said headwinds during the recent quarter were more significant than the company anticipated, resulting in its lowered guidance. \n</p>\n<p>\n  Digital Turbine also on Wednesday initiated a transformation program which will target more than $25 million in annual cash expense savings. \n</p>\n<p>\n  In its fiscal second quarter, revenue fell 17%, to $118.7 million, missing the $125.8 million that analysts surveyed by FactSet expected. \n</p>\n<p>\n  The Austin, Texas, company's net loss narrowed to $25 million, or 24 cents a share, compared with $161.5 million, or $1.61 a share, in the same quarter a year ago. Last year's quarter included a $147.2 noncash goodwill impairment charge. \n</p>\n<p>\n  Adjusted earnings were 5 cents a share. 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