NTN Buzztime (NTN) Misses Q1 EPS by 31c, Revenues Miss

NTN Buzztime (NYSE: NTN) reported Q1 EPS of ($0.11), $0.31 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $4.83 million versus the consensus estimate of $7.16 million.

"As Buzztime continues to evolve, we remain committed to creating engagement between players, brands and venues," said Ram Krishnan, NTN Buzztime CEO. "Focused on developing more easily accessible technology and services that get us to more markets faster, our initiatives are poised to increase our target market with offerings that are equally engaging, but less expensive and let consumers use their own devices. We have begun pre-selling our capital-light sitehub in a few test markets under the brand Buzztime Basic and are building a solid backlog of sites. Initial feedback from the market has been positive, and we continue to build confidence in our plan for both network and revenue growth. We recently launched our new ad exchange buying platform with only a fraction of our inventory and have already secured several deals.

"Last week, we launched our mobile app in open beta, enabling players to compete in trivia on their own devices at any of the 2,600 Buzztime bars, restaurants, and other locations. The mobile-only offering increases convenience to consumers and reduces costs to venues, accelerating expansion of our audience funnel, vertical markets, and potential locations. As our go-to-market strategies begin to unfold, we expect to fuel revenue growth in subscription, events, advertising, as well as in-game transactions," concluded Krishnan.

For earnings history and earnings-related data on NTN Buzztime (NTN) click here.

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