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Technology and media platform company Entertainment AI said the performance was in line with expectations during the first quarter of the year, even as the company flagged a downturn in digital adveristing spend.
For the first quarter, adjusted pre-tax losses were $630,000 in line with expectations, and revenue fell 8% at $2.1m on-year.
GTChannel views were up 35% at 4.4 bn and revenue per view was down 33% at $1.57 CPM reflecting wider market conditions amid a fall in digital video advertising spend.
'Whilst the group's multi-channel network showed strong growth in audience views and watch minutes, because of the impact of Covid-19 and the market-wide reduction in digital video advertising spend, the company does not expect this growth to translate into a similar increase in revenue,' the company said. 'However, the company has maintained a strong balance sheet with cash of $7.9m as at 30th April and remains on track to launch its new AI-driven products on schedule in May and June,' it added.
'The company is considering various branding strategies to reinforce the value of its product launches and the enthusiasm it expects from the marketplace. The Company plans to communicate its strategy in the coming weeks coincident with the release of its 2019 accounts,' Entertainment AI said.
At 8:00am: (LON:EAI) share price was +0.5p at 26p