NetworkNewsBreaks – SRAX (NASDAQ: SRAX) Reports
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Posted On: 05/15/2017 5:18:25 PM
NetworkNewsBreaks – SRAX (NASDAQ: SRAX) Reports First Quarter 2017 Results, Management Reaffirms 2017 Guidance
Internet advertising company SRAX (NASDAQ: SRAX) today reported its first quarter 2017 financial results. Among the highlights, the company recorded quarterly revenue of $5.3 million with gross profit of $2 million. SRAX reported a net loss of $2 million for the three-month period, compared to a loss of $2.4 million in the first quarter of 2016. “Over the past year, we have expanded our offering, creating new high growth revenue streams like SRAX Reach, and established a leaner infrastructure,” Christopher Miglino, CEO and chairman of SRAX, stated in the news release. “While not evident in our first quarter financial results due to our buy-side legacy business, we expect these strategic measures to generate growth and operating efficiencies beginning in the second quarter and increasing in the third quarter, as the legacy issues dissipate.” In line with these projections, SRAX management reaffirmed its 2017 guidance, forecasting revenue of between $45 million and $50 million for the fiscal year with Adjusted EBITDA guidance between $2 million and $5 million as a result of strategic cost management efforts.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Internet advertising company SRAX (NASDAQ: SRAX) today reported its first quarter 2017 financial results. Among the highlights, the company recorded quarterly revenue of $5.3 million with gross profit of $2 million. SRAX reported a net loss of $2 million for the three-month period, compared to a loss of $2.4 million in the first quarter of 2016. “Over the past year, we have expanded our offering, creating new high growth revenue streams like SRAX Reach, and established a leaner infrastructure,” Christopher Miglino, CEO and chairman of SRAX, stated in the news release. “While not evident in our first quarter financial results due to our buy-side legacy business, we expect these strategic measures to generate growth and operating efficiencies beginning in the second quarter and increasing in the third quarter, as the legacy issues dissipate.” In line with these projections, SRAX management reaffirmed its 2017 guidance, forecasting revenue of between $45 million and $50 million for the fiscal year with Adjusted EBITDA guidance between $2 million and $5 million as a result of strategic cost management efforts.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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