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Shares of mobile growth platform company Digital Turbine Inc (NASDAQ:APPS) are falling after the close on Wednesday on the heels of the company’s fiscal third-quarter results. Here’s a look at the highlights from the quarter.
Q3 Earnings: Digital Turbine reported fiscal third-quarter revenue of $142.6 million, representing a year-over-year decline of 12% compared to the prior year’s quarter. The company’s top-line results came in below analyst estimates of $146.21 million, according to Benzinga Pro.
Digital Turbine reported adjusted earnings of 15 cents per share, down from 29 cents per share on a year-over-year basis. The company’s earnings results came in below Street estimates of 15 cents per share.
Net cash from operating activities totaled $11.7 million in the third quarter and the company generated $14.3 million in adjusted free cash flow.
“Weaker U.S. device upgrade rates and temporary platform consolidation factors represent near-term headwinds, but in no way impact our broader outlook on the tremendous market opportunity in front of us, particularly with respect to the prevailing winds of change in the alternative app distribution world,” said Bill Stone, CEO of Digital Turbine.
Outlook: Digital Turbine sees full-year 2024 revenue in the range of $547 million to $553 million. The company anticipates full-year adjusted earnings of 50 cents to 54 cents per share.
“Recent regulatory and legislative news, along with the soon-to-be-effective Digital Markets Act in the European Union, are drawing global operators, OEMs, and app publishers to our advantageously positioned direct distribution platform offerings,” Stone said.
“We are making positive progress in this area, inclusive of key strategic investments, and look forward to converting this progress into future growth for the Company in calendar 2024 and beyond.”
APPS Price Action: Digital Turbine shares were down 16.67% after hours at $4.20 at the time publication Wednesday, according to Benzinga Pro.
Photo: rupixen from Pixabay.
Posted In: APPS
