Reality Sets in at The Active Network
The Active Network, Inc. (NYSE: ACTV) is a company that we wondered if it really needed to be public. The company offers software for event management and online registrations, but many Americans may know it by the active.com emails that go out regarding health, exercise and other outdoor events. This company's stock is getting destroyed on an earnings warning and the shares are hitting an all-time low.
The Active Network also posted a loss in the third quarter of $6 million, wider than the loss of $1.4 million a year ago. Revenue rose by about 22% to $109.2 million. Outside of items, the earnings would have come in at $0.05 per share. The company gave a forecast of $93 million to $97 million for the fourth quarter is well below the consensus target of about $102 million.
Shares are down a massive 45% on 11-times normal trading volume at $5.07 and the prior 52-week trading range had been $8.46 to $17.74. At the current price, The Active Network has a market value of $303 million.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Active Trader, Earnings, Earnings Warning, Media Tagged: ACTV