Digital Turbine (NASDAQ:APPS) shares crashed over 17% in premarket trading Thursday after the company reported weaker-than-expected fiscal Q3 results and released a downbeat full-year revenue guidance.
In FQ3, its earnings per share (EPS) came in at $0.15, falling short of the consensus estimate of $0.17. The company's revenue was $142.63 million, also below the projected $146.21 million.
Digital Turbine’s adjusted EBITDA was reported at $25.4 million, compared to analysts' expectations of $28.5 million.
Looking ahead to the full fiscal 2024, the mobile growth platform expects adjusted EPS to be in the range of $0.50 to $0.54. This projection falls below the analyst consensus of $0.61.
Revenue is projected to land between $547 million and $553 million, which is short of the consensus forecast of $572.5 million.
The forecast for non-GAAP adjusted EBITDA is set between $90 million and $94 million, missing the estimated by analysts.
"Weaker U.S. device upgrade rates and temporary platform consolidation factors represent near-term headwinds, but in no way impact our broader outlook on the tremendous market opportunity,” the company said in a statement.