Digital Turbine jumps on Q2 earnings beat, outlook hike

Digital Turbine

10/11/2022 13:34

** Shares of software firm Digital Turbine Inc  APPS.O  jump
22.8% to $13.22 premarket after Q2 earnings beat, raised outlook
    ** Co raises FY23 earnings guidance to 36 cents/shr to 39
cents/shr vs previous range of 32 cents/shr to 34 cents/shr
    ** It reports Q2 earnings of 34 cents/shr, beating analysts'
forecast of 33 cents/shr as per Refinitiv IBES data
    ** APPS credits performance primarily to sales of its
On-Device Solutions and its App Growth Platform 
    ** Two brokerages cut PT on stock; Craig-Hallum cuts PT to
$17 from $19 on greater macro uncertainty surrounding
advertisement spend
    ** All seven brokerages covering the stock rate it "buy" or
higher, with median PT of $21.90 - Refinitiv
    ** Up to Wednesday's close, stock had fallen 82.4% compared
with a 29% decline in the S&P 600 software industry index
 .SPSMCSOFW 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))