Shares of Digital Turbine (NASDAQ: APPS) were absolutely hammered by the market on Thursday after the adtech company reported financial results for its fiscal 2023 fourth quarter after the close Wednesday. As of 12:45 p.m. ET, Digital Turbine stock was down by about 43% and had hit its lowest point in nearly three years.

In the quarter, which ended March 31, net revenues for Digital Turbine were down almost 24% year over year. And for fiscal 2023, net revenues fell 11%. Toward the beginning of the pandemic, the company went on an acquisition spree that promised energized, synergistic growth. That promise is going unfulfilled, and the market is understandably quite disappointed.

In the earnings conference call, CFO Barrett Garrison said, "We are well positioned to resume the strong growth when the macro landscape improves." But I believe that assertion is contributing to the stock's decline Thursday. By repeatedly pointing to the macroeconomic environment as the reason for its disappointing financial performance, it seems that Digital Turbine is suggesting that it is a cyclical business and not in a strong growth market.

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Source Fool.com