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Digital Turbine Inc (NASDAQ:APPS) shares are moving lower Wednesday after the company reported financial results for the fourth quarter of fiscal-year 2024.
What Happened: Digital Turbine reported fourth-quarter revenue of $112.22 million, which missed estimates of $117.69 million, per Benzinga Pro. The company reported earnings of 12 cents per share, which beat analyst estimates of 7 cents per share.
Total On Device Solutions revenue before intercompany eliminations was $78.5 million, while total App Growth Platform revenue before intercompany eliminations came in at $34.4 million.
The mobile growth platform company reported adjusted EBITDA of $12.3 million, down from $23.1 million in the fourth quarter of 2023. Digital Turbine noted that new partnerships are set to add more than 70 million new devices globally.
"We are seeing encouraging real-time momentum in the marketplace that we believe validates our strategy and positions the Company for a return to growth in the new fiscal year," said Bill Stone, CEO of Digital Turbine.
"We have recently secured additional global device supply that we believe will help to offset recent headwinds as a result of decade-low upgrade rates and selective app distribution limitations in the U.S."
Digital Turbine expected fiscal-year 2025 revenue to be between $540 million and $560 million versus estimates of $553.18 million, according to Benzinga Pro. The company anticipates full-year adjusted EBITDA of $85 million to $95 million.
Following the company’s quarterly results, Roth MKM analyst Darren Aftahi maintained Digital Turbine with a Neutral rating and lowered the price target from $3 to $2.50.
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APPS Price Action: Digital Turbine shares were down 12.5% at $1.96 at the time of writing, according to Benzinga Pro.
Photo: Rokas Tenys from Shutterstock.
Posted In: APPS
