Chicken Soup for the Soul Entertainment shares plunge on plan to sell stock as quarterly loss widens
Chicken Soup for the Soul Entertainment (CSSE) shares plunged 25% in premarket trade as it said it would sell stock and reported a loss for the fourth quarter. The operator of Redbox, Crackle, and Chicken Soup for the Soul streaming services said its fourth-quarter loss widened to $56.3 million, or $2.70 a share, from $22.4 million, or $1.38 a share, in the year-earlier period. Revenue rose to $113.6 million from $36.0 million. Analysts polled by FactSet had expected a loss of $1.22 a share on revenue of $112.6 million. The company expects adjusted EBITDA of between $100 million and $150 million on revenue of approximately $500 million this year,
-Steve Goldstein
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March 31, 2023 04:46 ET (08:46 GMT)
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