Why Digital Turbine Stock Skyrocketed Today

Shares of Digital Turbine (NASDAQ: APPS) have skyrocketed today, up by 23% as of 12:05 p.m. EDT, after the company reported fiscal first-quarter earnings. The mobile app advertising platform beat analyst expectations for both the top and bottom lines.

Revenue in the fiscal first quarter soared 93% to $59 million, crushing the consensus estimate of $48.5 million in sales. That resulted in adjusted net income of $12.5 million, or $0.13 per share. Wall Street was looking for just $0.09 per share in adjusted profits. Adjusted EBITDA was $14.1 million, and the tech company said its Application Media software was installed on more than 43 million devices during the quarter.

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Source Fool.com