Cineverse Q4 Loss Widens; Shares Slide 16%

(RTTNews) - Shares of Cineverse Corp. (CNVS) slipped in an extended session on Thursday after the company reported a wider loss for the fourth quarter as revenues decreased.

The company reported a net loss of $3.2 million or $0.35 per share for the quarter, wider than a loss of $2.6 million or $0.30 per share the prior year.

Revenue decreased to $12.5 million from $16.8 million the previous year. It missed the consensus estimate of $12.6 million.

For the fiscal year 2024, the company expects revenue to be between $60.2 million and $70 million, lower than the consensus of $70.22 million.

Thursday, the stock was trading at $1.92 in the after-hours, down 16.52% or $0.38 a share, on the Nasdaq.