Loop Media Inc. missed Wall Road expectations with earnings and income in its fiscal second quarter.
The Glendale-based agency reported on Thursday a web lack of $9.8 million (-17 cents a share) for the quarter ending March 31, in contrast with a web lack of $5 million (-11 cents) in the identical interval of the earlier 12 months. Income elevated by 11% from the second quarter of the prior 12 months to $5.4 million.
Analysts on common anticipated earnings of -14 cents on income of $7.7 million, in line with Thomson Monetary Community.
Jon Niermann, the co-founder and chief government of Loop Media, mentioned that the corporate was being further diligent to scrutinize prices, cut back spending and create efficiencies the place it could to strengthen the underside line.
“We’ve already pinpointed vital value reductions by the top of Q3 that we consider will assist obtain this purpose whereas additionally constructing our margins,” Niermann mentioned. “We consider this could occur with out jeopardizing future development whereas we work our manner aggressively in the direction of turning into cashflow constructive.”
Shares in Loop Media (LPTV) closed down 15 cents, or almost 3.5%, to $4.18 on the New York Inventory Trade, on a day when the Dow Jones closed down a fraction of a p.c.