Majesco Entertainment Earnings: More Losses for Shareholders, Outlook Horrible
Majesco Entertainment Co. (NASDAQ:COOL) had a loss and missed Wall Street’s expectations. Here’s why shares are down after hours.
Majesco Entertainment Co. Earnings Cheat Sheet
Results: Net loss decreased 30.77% to $2.7 million (7 cents per diluted share) in the quarter versus a net loss of $3.9 million in the year-earlier quarter.
Revenue: Rose 5.81% to $26.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Majesco Entertainment Co. reported adjusted net loss of 7 cents per share. By that measure, the company missed the mean analyst estimate of $0.02. It beat the average revenue estimate of $23.97 million.
Quoting Management: “For fiscal 2013, we expect declining sales as our core products on legacy platforms decline, and we will be offering a smaller slate of new handheld and console titles than we introduced in fiscal 2012,” Jesse Sutton, Chief Executive Officer of Majesco.
Revenue increased 190.71% from $9.15 million in the previous quarter. Net loss decreased 12.62% from $3.09 million in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.22 to a profit $0.2. For the current year, the average estimate has moved down from a profit of $0.21 to a profit of $0.2 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)