CPNG - Why Is Digital Turbine (APPS) Stock Up 44% Today?
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Digital Turbine (NASDAQ:APPS) stock is rising on Thursday as investors react to the company’s earnings report for its fiscal second quarter of 2023.
The good news for APPS stock starts with the company’s adjusted earnings per share of 34 cents. That just edges past Wall Street’s estimate of 33 cents for the quarter. Even if it’s down from the 44 cents per share reported in fiscal Q2 2022.
Unfortunately, Digital Turbine’s revenue of $174.86 million didn’t do as well. It just missed the $175.73 million that analysts were looking for in the period. It’s also down from the $188.57 million reported during the same time last year.
A Weak Outlook Can’t Keep APPS Stock Down Today
The company’s expectations for its fiscal third quarter of 2023 aren’t the best. That includes adjusted EPS ranging from 36 cents to 39 cents and revenue between $180 million and $190 million. For comparison, Wall Street is looking for an adjusted EPS of 38 cents on revenue of $203.37 million.
No matter the case, heavy trading is pushing shares of APSS stock higher today. As of this writing, nearly 4 million shares of the stock have changed hands. That’s already above its daily average trading volume of about 2.3 million shares.
APPS stock is up 43.9% as of Thursday morning but is still down 75.1% since the start of the year.
Investors seeking out more of the latest stock market news are in luck!
InvestorPlace is ready to go on Thursday with all of the most recent stock stories! Among that is what has shares of Rivian Automotive (NASDAQ:RIVN), Coupang (NYSE:CPNG), and Nio (NYSE:NIO) stock moving today. You can catch up on all of that news at the following links!
More Thursday Stock Market News
- Why Is Rivian (RIVN) Stock Heating Up Over 10% Today?
- Coupang (CPNG) Stock Gains 15% on Surprise Profit
- Why Is NIO Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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