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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.