2023-05-03 12:05:09 ET
DigitalBridge ( NYSE: DBRG ) stock dropped 6.0% in Wednesday midday trading after the digital infrastructure investment firm posted worse-than-expected revenue.
Q1 total revenue of $250.2M , missing the $297.4M consensus, slipped from $301.1M in the previous quarter and increased from $232.8M in the year-ago period. The current quarter's revenue was reduced by $54.8M from a reversal in carried interest allocation. That compares with interest income of $7.72M in Q4 2022 and a reversal of carried interest allocation of $31.1M in the year-ago quarter.
Fee income rose to $59.1M from $44.3M in Q4 2022 and from $42.8M in Q1 2022.
Q1 distributable EPS of -$0.02, topping the -$0.04 consensus, improved from -$0.07 in Q4 2022 and from -$0.03 in Q1 2022.
Q1 total expenses of $384.5M declined from $508.7M in Q4 2022 and increased from $339.4M in Q1 2022.
Interest expense increased to $67.2M from $55.1M in teh prior quarter and from $44.0M in the year-earlier period.
Earlier, DigitalBridge ( DBRG ) non-GAAP EPS of -$0.02 beats by $0.02, revenue of $250.16M misses by $47.28M.
SA's Quant system shifted to Sell in March on decelerating momentum and valuation.
For an opposing view, see why SA contributor Dalius Taurus calls DBRG a cheap compounder with a clear catalyst
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DigitalBridge stock dips after Q1 revenue falls short of consensus