Categories Earnings, LATEST, Leisure & Entertainment

It’s a flop show from Eros International in Q1

India-based media and entertainment company Eros International (NYSE: EROS) on Tuesday reported first-quarter results that missed analysts’ expectations, even as the global subscribers for its video-on-demand platform, Eros Now, more than doubled to 21.1 million.  

Net revenue for the quarter plunged 25% to $43.5 million, far below the Wall Street estimate of $66.74 million.

eros international earnings
Image courtesy: Eros International

Meanwhile, the company swung to a profit of 3 cents per share from a loss of 20 cents per share a year ago. Analysts had set the bottom-line target at 12 cents per share profit in Q1.

EROS stock fell 3.5% during pre-market trading hours. The stock has declined almost 80% since the beginning of this year.

The company said in a statement, “We are on the cusp of completing our transformation from the Film Studio model into a Digital-led OTT business with traditional Studio offerings and capabilities. While this will have an impact on near-term revenues, principally to our syndication business in the overseas markets, this will increase the premium nature of our content and ultimately increase ARPUs and loyalty of our customers.”

READ: NYU professor who predicted Amazon-Whole Foods deal forecasts death of Tesla, 4 others

For the full fiscal year 2020, Eros expects consolidated revenue in the range of $200 million-220 million, weaker than the Wall Street target.  Adjusted EBITDA is expected in the range of $80 million – $95 million and net debt in the range of $100 million – 110 million.

Eros plans to achieve at least 50 million paid monthly subscribers for Eros Now within the next three years.

 The company added that it has hired Citigroup to assist in reviewing strategic alternatives.  

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights

Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per

After weak start to 2023, Apple (AAPL) sees some bright spots

Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the

Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues

Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5

Add Comment
Viewing Highlight