Why Shares of Eros International Plunged Today
Shares of Indian film producer and distributor Eros International (NYSE: EROS) slumped on Friday after the company's fiscal fourth-quarter results fell well short of analyst expectations. A near-20% decline in revenue and an unexpected net loss led the stock to plunge 17% by 12:45 p.m. EDT.
Eros reported fourth-quarter revenue of $52.7 million, down 19% year over year and a staggering $14.7 million below the average analyst estimate. Theatrical revenue tumbled 30.7% to $12.4 million, with fewer film releases due to adverse market conditions driving the decline. Television syndication revenue dropped 16.2% to $22.2 million due to lower new release revenue. Digital and ancillary revenue dropped 13% to $18.1 million.
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Source: Fool.com
