Spark Networks, Inc. (LOV) Misses Q1 EPS by $2.05
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Spark Networks, Inc. (NYSE: LOV) reported Q1 EPS of ($2.50), $2.05 worse than the analyst estimate of ($0.45). Revenue for the quarter came in at $56.38 million versus the consensus estimate of $56.14 million.
First Quarter 2021 Financial Results
- Revenue for the first quarter of 2021 was $56.4 million, a decrease of $1.3 million compared to $57.7 million in the first quarter of 2020. The decrease in Revenue was attributable to the 3.0% decrease in the number of average paying subscribers.
- Net Loss was $6.5 million in the first quarter of 2021, an increase of $2.7 million compared to Net Loss of $3.8 million in the first quarter of 2020. The increase in Net Loss was primarily driven by a decrease in contribution and an increase in personnel costs.
- Adjusted EBITDA was $4.8 million in the first quarter of 2021, a decrease of $2.7 million compared to $7.5 million in the first quarter of 2020.
- The Company ended the quarter with $17.3 million in cash and $96.1 million in debt.
"I am pleased with our first quarter financial results and the progress we are making in establishing Spark as a leader in social dating for meaningful relationships," said Eric Eichmann, CEO of Spark Networks. "We are improving the dater's experience and setting a strong foundation for top line growth. We are on track to launch livestreaming on Zoosk and complete the rollout of compelling new aesthetics for our top brands in Q3. These innovations, combined with additional future social features should lead to higher user engagement across our properties."
For earnings history and earnings-related data on Spark Networks, Inc. (LOV) click here.
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