UPDATE: KIT digital Posts Wider Q2 Loss

KIT digital

posted a wider second-quarter loss. KIT digital posted a quarterly loss of $151.1 million, or $2.94 per share, versus a year-ago loss of $19.8 million, or $0.49 per share. On a continuing operations basis, KIT digital posted a loss of $1.99 per share. Its revenue declined 14% to $51.1 million. However, analysts were projecting a loss of $0.37 per share on revenue of $60.8 million. KIT digital's gross margin declined to 61.1% from 71.6%. KIT digital shares dropped 4.67% to $2.86 in after-hours trading.