LIVX - LiveXLive media gains 2% as acquisitions double revenues

LiveXLive Media (LIVX) is up 1.8% after posting fiscal fourth-quarter results where revenues jumped and topped expectations, though a wider loss fell short of consensus as expenses rose. Overall revenue more than doubled to a record $21M, mainly driven by acquisitions of PodcastOne and CPS. In operating metrics, paid subscribers rose 27% to 1.073M, though certain of those subscribers are the subject of a contractual dispute, and the company isn't currently recognizing revenue tied to them. Monthly average revenue per user was $3.48 at quarter-end. And the company streamed 37 live events during the quarter (up from a year-ago 14) and significantly reduced the cost per event. Operating expenses were $2.9M (mainly higher sales and marketing costs) and so operating loss swelled to $8.8M from a year-ago loss of $7.9M. And net loss widened to $14.4M from a year-ago loss of $8.5M. Cash and equivalents were $18.8M at quarter's end.

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LiveXLive media gains 2% as acquisitions double revenues