CSSE - Why Chicken Soup for the Soul Entertainment Is Tumbling Today
Shares of Chicken Soup for the Soul Entertainment (NASDAQ: CSSE) are plunging 15.1% at 11:39 a.m. ET on Friday after the ad-supported video-on-demand provider reported second-quarter earnings.
The parent of the Crackle streaming service reported revenue that beat Wall Street estimates, but also recorded a loss for the period that was much wider than last year and what analysts were forecasting.
The earnings report followed Chicken Soup for the Soul completing its $370 million acquisition of video rental kiosk provider Redbox Entertainment the day before. Redbox investors got 0.087 shares of Chicken Soup for each share they owned, meaning Chicken Soup shareholders will own approximately 76.5% of the company and Redbox investors will own the remaining 23.5%.
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Why Chicken Soup for the Soul Entertainment Is Tumbling Today