IZEA - IZEA slides 20% as Q1 misses on top and bottom lines

IZEA Worldwide (IZEA) has tumbled 20% after hours following its first-quarter earnings, a miss on top and bottom lines. Revenue rose 13% to $5.4M, but fell short of an expected $6.25M. Amid costs/expenses that fell 32%, net loss narrowed to $2M from a year-ago net loss of $6.2M. But EBITDA fell to -$1.4M from -$1.2M. Managed Services bookings did hit a Q1 record, and customers licensing SaaS products are at an all-time high, the company says. “Managed Services Bookings growth in Q1 was remarkable, with a 130% YoY increase over the same period in 2020. At $6.4M in bookings, it is the best Q1 we have ever had for Managed Services, and a material increase from the $2.8M in bookings in Q1 of last year," says CEO Ted Murphy. Revenue by unit: Managed Services, $4.9M (up 18%); SaaS Services, $504,000 (down 21%). Conference call to come at 5 p.m. ET.

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IZEA slides 20% as Q1 misses on top and bottom lines