Cineverse Corp. CNVS shares are slumping on Thursday.
Today, the company launched Cineverse 360 (C360), a new ad platform providing brands the ability to connect with enthusiast audiences.
As part of the launch, Cineverse is also launching the Cineverse 360 Audience Network (CAN), which starting next quarter, will bring advertisers a scalable solution for reaching enthusiast audiences across a network of Cineverse and third-party publishers.
Over the last one year, the company’s shares have lost over 80%, compared with the S&P 500’s return of over 20%.
Yesterday, the company reported third-quarter results where revenues of $13.276 million missed the analyst consensus of $13.355 million. The company reported quarterly earnings per share of $(0.22) loss.
Adjusted EBITDA decreased by $3.2 million to $1.8 million, primarily due to the Digital Cinema and the Terrifier 2 impacts.
The quarterly operating income decreased by $3 million to $0.4 million.
The company also announced cineSearch, an AI-powered movie search platform for discovering films and TV shows.
Scheduled for a public beta launch in Spring 2024, cineSearch will utilize Google Cloud’s Vertex AI Search and PaLM 2 Large Language Model to provide personalized recommendations. The service introduces “Ava,” an AI video advisor, and offers a unified search engine across multiple dimensions.
Price Action: CNVS shares are trading lower by 25.5% to $1.75 on the last check Thursday.
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