June 28, 2022

Builders work on the Stingray Digital Group places of work, in Montreal, in an undated file photograph.Christinne Muschi/The Globe and Mail

Stingray Group Inc. RAY-A-T says its web earnings fell to $12.6-million in its newest quarter regardless of a rise in revenues with a gradual easing of COVID-19 restrictions.

The Montreal-based music and media firm says its revenue for the quarter amounted to 18 cents per diluted share, in contrast with 19 cents per share or $14.1-million a 12 months earlier when it booked a acquire from a settlement with SOCAN.

Adjusted income slumped 19 per cent to $17.05-million or 24 cents per share within the third quarter, from $21.05-million or 29 cents per share within the third quarter of 2020.

Revenues for the three months ended Dec. 31 have been $76-million, up almost 5 per cent from $72.6-million within the prior 12 months quarter, with U.S. revenues growing greater than 28 per cent.

Stingray was anticipated to report 22 cents per share in adjusted income on $77.5-million of revenues, based on monetary knowledge agency Refinitiv.

Stingray says the rise in revenues was primarily as a consequence of easing restrictions and the return to regular business operations in addition to a rise in promoting revenues within the broadcast and business Music section.

Your time is effective. Have the Prime Enterprise Headlines publication conveniently delivered to your inbox within the morning or night. Join at the moment.

See also  Disney shares get increase from streaming service progress, park income February 10, 2022