Audible, the online spoken word company, has reported a Q3 loss, reversing a prior-year profit, as expenses outstripped higher revenue, but shares jumped in after-hours trading as results met Wall Street expectations.
In Q3, it reported a net loss of $189,000 compared with a year-ago profit of $483,884. Revenues surged 81 percent to $16.8 million from $9.3 million a year ago, driven by new customers. Total new customers ballooned 75 percent to 79,800 over the prior-year quarter.
Audible has been investing money on four main areas: AudibleAir (its mobile service), Audible UK, education, and podcasting initiatives.
More details in the earnings release, here…
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