By Will Feuer
Shares of Chicken Soup for The Soul Entertainment Inc. jumped more than 15% in premarket trading Friday after the TV and streaming company posted higher sales for its fourth quarter.
The move in the stock price also comes after the company said it has increased distribution of its Crackle Plus advertising-supported video-on-demand streaming services to 70 touchpoints, ahead of internal plans. The service has averaged more than 40 million monthly active users since the start of the year, Crackle Plus President Philippe Guelton said.
On Thursday evening, the company posted quarterly sales of $36 million, up 78% from a year earlier. That matched expectations from analysts, according to FactSet.
At the same time, its net loss attributable to the company widened to $20.2 million from $8.9 million in the year-ago period.
The company's loss was $1.38 a share, compared with a loss of 79 cents a share a year earlier. Analysts surveyed by FactSet were expecting a loss of 58 cents a share.
Adjusted earnings before interest, taxes, depreciation and amortization was $9.3 million, up from $2.8 million in the year-ago period.
Chairman and Chief Executive William Rouhana Jr. said the company more than doubled its content library over the past year and launched its streaming service.
The stock traded almost 16% higher in the premarket at $9.26 a share. The stock is down more than 42% so far this year, and fell more than 30% last year.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 01, 2022 07:00 ET (11:00 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.