Why Digital Turbine Stock Dropped Today
Shares of Digital Turbine (NASDAQ: APPS) have dropped today, down by 15% as of 1 p.m. EDT, after the company reported fiscal second-quarter earnings. The results topped Wall Street's expectations, but tech stocks have been selling off today after the largest companies announced disappointing financial results yesterday.
Revenue in the fiscal second quarter more than doubled to $70.9 million, ahead of the consensus estimate of $60.5 million. Much of that growth was attributable to Digital Turbine's acquisition of Mobile Posse earlier this year, which is now the backbone of the Content Media segment. That all resulted in adjusted net income of $14.5 million, or $0.15 per share, also beating the $0.11 per share in adjusted profits that analysts were modeling for.
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Source Fool.com
