2024-02-09 12:27:56 ET
Summary
- Digital Turbine faced challenges in Q3, including disappointing device sales, migration issues with its cloud hosting platform, and changes to AI models affecting ad revenue.
- The outlook for Digital Turbine is expected to improve with the projected recovery of the smartphone market and increased ad spending in 2024.
- Projections from IDC and Canalys point to approximately 4% growth in smartphone unit shipments this year, which would mark a return to growth after two years.
- At a forward earnings yield of around 12%, Digital Turbine seems attractively valued. However, it's difficult to see APPS stock turning a corner in the short term due to the absence of a catalyst.
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Digital Turbine Stock: Upgrading To Buy Following The Bloodbath