Digital Turbine tumbles as quarterly results and full-year guidance fail to impress

Digital Turbine

09/02/2023 15:28

** Adverting software firm Digital Turbine Inc's shares
 APPS.O  plunge 21% to $12.71 - biggest pct decline in over 8
months
    ** APPS posts 2023 third-quarter adjusted earnings of 29
cents​​ per share, missing average analyst expectation of 37
cents - Refinitiv
    ** Quarterly revenue falls 25% to $162 mln from a year ago,
also missing analysts' expectation of $185.53 mln
    ** Sees FY23 revenue between $660 mln and $670 mln, while
analysts expect $722.5 mln
    ** "We expect current macro headwinds to continue into the
first half of the calendar year," says CEO Bill Stone, adding
that advertising spending tends to be among the first items to
be negatively impacted at the onset of a cyclical downturn
    ** Stock fell 75% in 2022
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))