Shares of Digital Turbine (NASDAQ:APPS) tanked -14.29% to $4.32 in premarket trading on Thursday after the mobile software company missed estimates and issued light guidance in its fiscal third-quarter earnings report.
Digital Turbine (APPS) forecast full-year fiscal 2024 revenue in the range of $547 million and $553 million vs consensus estimate of $572.47 million, and non-GAAP adjusted EPS of between $0.50 and $0.54, which also fell short of the Street’s $0.61 forecast.
“Weaker U.S. device upgrade rates and temporary platform consolidation factors represent near-term headwinds,” CEO Bill Stone said in a statement.
While the company has seen demand and advertisers return, which is much improved compared to a year ago, and particularly in the brand business, which experienced more than 25% sequential growth, softening U.S. carrier device volumes remains a headwind and the situation in the chipset market, company executives said in a post-earnings conference call.
Digital Turbine Q3 Non-GAAP EPS of $0.15 missed by $0.02, and revenue of $142.63M (-12.1% Y/Y) fell short by $3.57M.