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Loop Media Provides Q3 Guidance Below Street Estimates On Macro Headwinds

Benzinga ·  Jun 2, 2023 20:42
  • Loop Media Inc (NYSE LPTV) today provided Q3 FY23 guidance. The company expects Q3 revenue of $5.4 million-$5.6 million (versus the consensus estimate of $8.3 million) and an operating loss of $(7.6) million-$(7.9) million.
  • The company projects a planned reduction in underlying SG&A expenses (which excludes stock-based compensation and amortization and depreciation) by around 20% vs. the quarter ending March 31, 2023, which is expected to improve margins.
  • LPTV expects a gross profit margin of around 30%-33% for the quarter.
  • The company projects continued industry and macro headwinds in digital advertising spending in the quarter on potential recession.
  • Last month, the company reported Q2 revenues of $5.4 million which missed the consensus of $7.7 million and the EPS loss of $(0.17) was worse than the consensus of $(0.14).
  • As of March 31, 2023, cash and cash equivalents stood at $4.7 million.
  • Price Action: LPTV shares are trading lower by 4.01% at $3.35 premarket on the last check Friday.
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