Why Digital Turbine Stock Plummeted This Week
Digital Turbine (NASDAQ: APPS) stock got hit hard with sell-offs in this week's trading. The company's share price closed out the stretch down 31.7% from the previous week's market close, according to data from S&P Global Market Intelligence.Digital Turbine stock had been on a hot streak following the company's fourth-quarter earnings report earlier this month, but its valuation saw a substantial pullback following a concerning demand indicator. The stock also saw sell-offs in conjunction with macroeconomic risk factors that shaped the market later in the week.Chinese search and apps giant Baidu published its Q4 report on Wednesday, delivering sales and earnings that topped expectations. However, the company's performance on a per-segment basis had some worrying indicators for Digital Turbine. Total sales for Baidu's digital marketing businesses declined roughly 7% year over year in the period. Given Baidu's strong position in the category, the numbers raise some concerns about overall industry health at the moment.Continue reading
Digital Turbine (NASDAQ: APPS) stock got hit hard with sell-offs in this week's trading. The company's share price closed out the stretch down 31.7% from the previous week's market close, according to data from S&P Global Market Intelligence.
Digital Turbine stock had been on a hot streak following the company's fourth-quarter earnings report earlier this month, but its valuation saw a substantial pullback following a concerning demand indicator. The stock also saw sell-offs in conjunction with macroeconomic risk factors that shaped the market later in the week.
Chinese search and apps giant Baidu published its Q4 report on Wednesday, delivering sales and earnings that topped expectations. However, the company's performance on a per-segment basis had some worrying indicators for Digital Turbine. Total sales for Baidu's digital marketing businesses declined roughly 7% year over year in the period. Given Baidu's strong position in the category, the numbers raise some concerns about overall industry health at the moment.
