Loop Media (NYSEMKT:LPTV) stock is falling on Wednesday following the release of the digital video platform media company’s earnings report for the fiscal fourth quarter of 2023.
The bad news for investors in LPTV stock starts with the company’s earnings per share of -15 cents. That’s worse than the -13 cents per share that Wall Street was expecting, even if it’s better than the -28 cents per share from the same period of the year prior.
Also not helping matters is Loop Media’s fiscal Q4 revenue of $5.7 million. That’s another miss next to analysts’ revenue estimate of $5.72 million. It also represents a 53% year-over-year decline compared to $12.2 million.
Jon Niermann, cofounder and CEO of Loop Media, said the following in the earnings report:
“I am pleased that we finished a very tough fiscal year environment on many fronts while still managing to grow year-on-year, all of which reflects our team’s ability to focus on sales in a very challenging business environment.”
LPTV Stock Movement Today
Investors in Loop Media aren’t overly excited about today’s earnings news. That has shares of LPTV stock falling 15.5% as of Wednesday morning. Investors will also note that the company’s shares are down 79.3% year-to-date as of Tuesday’s close.
Investors looking for more of the latest stock market stories are in the right place!
InvestorPlace is home to all of the hottest stock market happenings on Wednesday! A few examples include why shares of Innovative International (NASDAQ:IOAC) and RiskOn International (NASDAQ:ROI) stock are up today, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!
More Wednesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
