Shares of Digital Turbine (APPS 0.67%) have skyrocketed to all-time highs today, up by 23% as of 11:05 a.m. EST, after the company reported fiscal third-quarter earnings. The results utterly crushed analyst expectations.
Revenue in the fiscal third quarter soared 146% to $88.6 million, well above the $75.9 million in sales that Wall Street was looking for. That resulted in adjusted net income of $20 million, or $0.21 per share. The consensus estimate had called for just $0.18 per share in adjusted profits. The tech company, which operates an on-device media platform, said adjusted EBITDA quadrupled to $22.5 million.
"The amount of time and money spent by consumers within applications continues to rise, as consumers increasingly grow accustomed to consuming more content and spending greater share of their wallets using the applications on their mobile devices," CEO Bill Stone said in a statement. "Businesses everywhere have reacted accordingly by placing increased emphasis on the functionality and monetization potential of their application-based storefronts."
Digital Turbine has entered into a new credit facility agreement, establishing a new $100 million revolver that can be upsized to $200 million and is good until 2024. The revolver replaces an older credit facility.
Guidance also came in ahead of expectations. Revenue this fiscal year is expected to be in the range of $298 million to $300 million, compared with the $280.4 million in sales that analysts are modeling for. Adjusted earnings per share for the year should be $0.67, ahead of the consensus estimate of $0.63.