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reports on revenues totaling $229 million in the last quarter, 8.7% below the corresponding quarter but $19.47 million above analysts’ expectations. The non-gap loss per share was $0.1, compared to analysts’ expectations for a loss of $0.15 per share, in the corresponding quarter the figure was a profit of $0.13 per share. The company’s adjusted EBITDA was $1.7 million and the company’s cash flow was negative at $15.8 million.
In addition to the release of the reports, the company updated its forecasts for the rest of the year and expects annual adjusted EBITDA of $23.2 million and estimates that the company’s gross profit in the next quarter will be between $57 million and $60 million, this after it was $41.9 million in the current quarter, a decrease of 30% compared to the corresponding quarter. The adjusted EBITDA for the next quarter is expected to be between 4 and 6 million dollars. Analysts are currently expecting revenue of $234 million for the next quarter with a loss per share of $0.09.
Last July, the company announced layoffs, which apparently helped the company in the current quarter after in the previous reports the company missed the forecasts and fell by more than 20% after their release. The company then reported revenues of $250.9 million while its gross profit shrank 18% to $48.7 million.
David Kostman, co-CEO of the company said: “We are pleased to announce that we beat our high forecasts for the third quarter. Together with the momentum from perennial wins and exclusives with advertisers, we are increasing our market share and claiming our foothold on the Internet, which will support our future growth.” Kostman further added: “At the same time, in the face of uncertain macroeconomic conditions, we continue to be committed to operational efficiency and reduction Costs with a focus on cash flow.”
As of the end of October, the company made a buyback of more than 5.8 million shares amounting to approximately $28 million, this is part of the company’s plan to reach a self-purchase of shares amounting to $30 million. The company’s stock stands at a price of $4.4, which represents a value of approximately $250 million. Despite the sharp increase, the company’s stock has fallen in the last 12 months by 74% and the company will have to work very hard to return the stock to the issue price of $20, which it has not exceeded since the issue.
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