Loop Media Inc. missed Wall Street expectations with earnings and revenue in its fiscal second quarter.
The Glendale-based firm reported on Thursday a net loss of $9.8 million (-17 cents a share) for the quarter ending March 31, compared with a net loss of $5 million (-11 cents) in the same period of the previous year. Revenue increased by 11% from the second quarter of the prior year to $5.4 million.
Analysts on average expected earnings of -14 cents on revenue of $7.7 million, according to Thomson Financial Network.
Jon Niermann, the co-founder and chief executive of Loop Media, said that the company was being extra diligent to scrutinize costs, reduce spending and create efficiencies where it can to strengthen the bottom line.
“We’ve already pinpointed significant cost reductions by the end of Q3 that we believe will help achieve this goal while also building our margins,” Niermann said. “We believe this can happen without jeopardizing future growth while we work our way aggressively towards becoming cashflow positive.”
Shares in Loop Media (LPTV) closed down 15 cents, or nearly 3.5%, to $4.18 on the New York Stock Exchange, on a day when the Dow Jones closed down a fraction of a percent.