NEXXEN INTERNATIONAL LTD (NEXN), a global advertising technology platform, saw its stock plummet 5.08% in intraday trading on Friday, despite reporting better-than-expected earnings for the third quarter of 2024.

The company reported Q3 adjusted earnings of $0.28 per share, surpassing the consensus estimate of $0.11 per share. Revenue rose 17.8% year-over-year to $90.18 million, also beating analysts' expectations of $87.13 million.

However, NEXXEN's Q3 results failed to impress investors, as concerns mounted over the company's elevated expenses and slowing revenue growth. Operating expenses increased significantly, with selling and marketing expenses rising 8.7% year-over-year, and general and administrative expenses jumping 31.3% compared to the same period last year.