Shares of AirMedia Group Inc. (AMCN) slipped approximately 7% so far today after the company offered a weak outlook.
The digital media network operator expects third-quarter revenues between $37 million and $40 million, well below Wall Street expectations.
Meanwhile, AirMedia reported a second-quarter loss of 11 cents per ADS late Monday, barely beating the Zacks Consensus Estimate for a loss of 12 cents.
The company said total revenue grew 23.7% to $36.8 million. However, cost of revenues also surged 110.4% to $36.8 million as the company expanded its business.
The full-year Zacks Consensus Estimate is currently pegged at a loss of 28 cents per ADS, which has widened by 8 cents over the past week.
AMCN, a Zacks #4 Rank (“Sell”) stock, is trading on heavier-than-usual volume of about 496,000, compared to the average daily volume of approximately 194,000.
“AMCN” Free Stock Analysis: Buy? Sell? Hold?
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