- digital turbine (NASDAQ:APPLICATIONS) the stock is down on its earnings report.
- The company missed EPS and revenue estimates for the quarter.
- It also has weak prospects for the period ahead.
digital turbine (NASDAQ:APPLICATIONS) shares fell hard on Wednesday after the monetization company reported results for its fourth fiscal quarter of 2022.
The bad news for APPS stocks starts with adjusted earnings per share (EPS) of 39 cents. That’s worse than the 44 cents a share Wall Street expected for the quarter. Although this is an increase from the 25 cents per share reported at the same time last year.
The $184.1 million in revenue comes on top of APPS stock issues. Again, this comes nowhere near the $357.05 million in revenue that analysts were expecting. This is despite a 94% year-over-year increase on a reported basis.
Digital Turbine’s outlook for its fiscal first quarter of 2023 is also not helping APPS stock today. The company expects adjusted EPS of 34 cents to 35 cents on revenue of $183 million to $187 million. For the record, Wall Street estimates adjusted EPS of 50 cents on revenue of $396.59 million for this quarter.
Bill Stone, CEO of Digital Turbine, said the following in his earnings release:
While macro headwinds will present some challenges for almost any business in the near term, I am confident these headwinds will have less of an impact for highly profitable growing businesses like ours, generating nine-figure free cash flow. per year.
Heavy trading in APPS shares follows its latest earnings report today. That has some 9 million shares in motion, compared to its average daily trading volume of 2.8 million shares.
APPS stock is down 14.1% on Wednesday morning.
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As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.