WebMD announces Q1 Earnings; Revenue Jumps

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This afternoon, April 30, 2014, WebMD
WBMD
announced its first quarter financial results. Shares of the company are relatively neutral for today at stand at $44.09 per share. The company had its revenue equal $133.8 million, which compare to $112.8 million in the prior year, representing an increase of 19 percent. Additionally, the company reported net income of $6.3 million, compared to a net loss of $1.5 million in 2013. "WebMD's first quarter results reflect momentum across our business, driven by increased adoption of our multiscreen offerings," said David Schlanger, Chief Executive Officer, WebMD. "The strength of our brands and products, highly engaged audiences, and our ability to demonstrate meaningful ROI to our advertising and sponsorship customers enabled WebMD to further fortify its leadership position during the quarter." The company said that during the first quarter, the company used $65 million in cash to repurchase approximately $1.5 million shares of its common stock under its stock repurchase program. Additionally, the company reported that as of March 31, 2014, it had $778 million in cash and equivalents. In addition the the news above, the company announced today that the amount available under its existing stock repurchase program was increased by $30 million. According to this program, the company may repurchase shares from time to time in the open market, dependent on market conditions and other factors. Including the increase in the repurchase program announced today, approximately $44 million remains available under the repurchase program. Since the end of the first quarter, WebMD has used approximately $31.2 million in cash to repurchase approximately 780,000 shares of its common stock. The company also issued guidance or the second quarter of 204 and expects revenues to be $137 to $140 million, representing a year-over-year increase of nine percent. The company is also expecting net income to be $7.5 to $8.5 million.
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Posted In: EarningsNewsGuidanceDavid Schlanger
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