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.
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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.
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.
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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.
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