Stingray revenues up, net income down in Q1 2018

MONTREAL — Stingray Digital Group reported an 18.9% increase in revenue for the first quarter of its 2018 fiscal year, achieving $29.2 million in revenues compared to $24.5 million in the same quarter last year.However, the company’s net income decreased to $0.3 million or $0.01 per share (diluted), compared to $2.0 million or $0.04 per share (diluted) in Q1 2017, representing a 86.3% decrease year over year. After adjustments, Stingray’s adjusted net income was reported to be up 9.5% to $5.7 million or $0.11 per share (diluted), compared to $5.2 million or $0.10 per share (diluted) in the same quarter...