Cinedigm (NASDAQ:CIDM) stock is performing well on Tuesday following the release of the streaming company’s earnings report for its fiscal third quarter of 2022.
Source: Pavel Kapysh / Shutterstock.com
Let’s dive into that earnings report below to see why investors in CIDM stock are celebrating today!
- The earnings reports starts off with the company reporting flat earnings per share for its most recent quarter.
- That’s a boon to CIDM stock as it comes in above the -1 cent per share that Wall Street was expecting.
- It’s also better than the -7 cents per share reported in the same period of the year prior.
- In addition to that, Cinedigm’s revenue of $14.1 million is another highlight for the company’s stock.
- That’s due to it beating out analysts’ estimate of $11.93 million for the current quarter.
- It’s also a 42% year-over-year increase compared to $9.95 million.
- 7 Defensive Growth Stocks to Buy for February
Cinedigm Networks president and CSO Erick Opeka said the following in the earnings report boosting CIDM stock.
“In the quarter, we delivered more than 104% revenue growth in our streaming networks business, more than double the 50% annual growth guidance we provided earlier in the fiscal year. Our relentless focus on providing customers the freedom to stream their passions, no matter their device preference or budget, is truly paying off.”
CIDM stock is experiencing heavy trading today following its earnings news. As of this writing, more than 24 million shares of the company’s stock have changed hands. That’s a major increase over its daily average trading volume of about 3.6 million shares.
CIDM stock is up 51.9% as of Tuesday afternoon.
There’s more stock market news that investors will want to know about below!
InvestorPlace has all the latest stock coverage that traders need to know about for Tuesday. Among that is what has oil stocks down today, the news sending Moneygram International (NASDAQ:MGI) stock higher, as well as the deal boosting iPower (NASDAQ:IPW) stock today. You can find all of that news at the following links!
More Stock Market News for Tuesday
- CVX, XOM, OXY, MRO: Why Are Oil Stocks Down Today?
- MGI Stock Alert: 15 Things MoneyGram Investors Need to Know as the Payment Company Goes Private
- IPW Stock: 8 Things for Investors to Know as iPower Makes Social Media Plans
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
More From InvestorPlace
- Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
- Man Who Called Black Monday: “Prepare Now.”
- Get in Now on Tiny $3 ‘Forever Battery’ Stock
The post CIDM Stock: 6 Reasons Why Cinedigm Investors Are Streaming Smiles Today appeared first on InvestorPlace.
InvestorPlace | Stock Market News, Stock Advice & Trading Tips