NTN Buzztime (NTN) Reports Q1 Loss of $0.42, Revenues Miss

NTN Buzztime (NYSE: NTN) reported Q1 EPS of ($0.42), versus ($0.11) reported last year. Revenue for the quarter came in at $2.4 million versus the consensus estimate of $7.16 million.

Allen Wolff, CEO, said, "We started 2020 focused on growing our business in an efficient manner. Shifting the Buzztime network to a mobile-based, capital-light solution complemented with an expanded programmatic advertising platform increased the scalability of our business. In the first quarter of 2020, we were gaining traction, as evidenced by sequential increases in quarterly advertising revenue, until we, like many businesses in and around the restaurant and bar industry, were adversely impacted by the COVID-19 pandemic. As a result of government orders to shelter-in-place to help stop the spread of COVID-19, approximately 70% our sites temporarily requested billing freezes, significantly impacting our revenue streams. While it is uncertain when, or if, these sites will resume their subscriptions with us, we are encouraged that some states began to lift restrictions in early May, and a small number of our customers proactively reinstated their service and billing as Buzztime is a key part of their venue offering.

"With the onset of the pandemic, we took immediate and decisive action to further reduce expenses. To engage our players, we quickly expanded our mobile app connectivity and launched out-of-venue gaming. This transition had a significant increase on mobile gameplay and Daily Active User engagement from March to April.

"There is no doubt that 2020 will be a challenging year for us and our venue partners in the restaurant and bar industry. In that regard, our platform – driving guest frequency and enhancing the experience – could be even more meaningful to our customers. We look forward to supporting our sites as they re-open for business. In the meantime, we are having proactive discussions with our landlord and vendors to help manage our cash and we are carefully monitoring our liquidity as we focus on maintaining operations," Wolff concluded.

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

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