Here's Why Digital Turbine Stock Dropped 12% in May
Shares of mobile-advertising technology company Digital Turbine (NASDAQ: APPS) were down 12.3% in May, according to data provided by S&P Global Market Intelligence. Early in the month, the stock was actually down closer to 25% without any company-specific news. Therefore, chalk this monthly decline up to general market volatility. It started rebounding later in May upon announcing its acquisition of Fyber. And the rebound is continuing in June now that quarterly financial results are in.
Digital Turbine announced the completion of its acquisition of Fyber on May 25. Fyber is a fast-growing advertising-technology company on its own -- revenue for the first quarter of 2021 was up 179% year over year to approximately $104 million. But Digital Turbine is excited to acquire Fyber to go along with its recent acquisitions of AdColony and Appreciate because it increases its ability to service its market. Regarding these acquisitions, Digital Turbine CEO Bill Stone said, "We believe that we now have all of the critical elements to fully establish Digital Turbine as a truly unique next-generation ad-tech ecosystem."
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Source Fool.com
