Loop Media Inc. missed Wall Avenue expectations with earnings and income in its fiscal second quarter.

The Glendale-based agency reported on Thursday a web lack of $9.8 million (-17 cents a share) for the quarter ending March 31, in contrast with a web lack of $5 million (-11 cents) in the identical interval of the earlier yr. Income elevated by 11% from the second quarter of the prior yr to $5.4 million.

Analysts on common anticipated earnings of -14 cents on income of $7.7 million, in keeping with Thomson Monetary Community.

Jon Niermann, the co-founder and chief government of Loop Media, stated that the corporate was being additional diligent to scrutinize prices, cut back spending and create efficiencies the place it will probably to strengthen the underside line.

“We’ve already pinpointed important value reductions by the tip of Q3 that we imagine will assist obtain this objective whereas additionally constructing our margins,” Niermann stated. “We imagine this may occur with out jeopardizing future development whereas we work our approach aggressively in direction of changing into cashflow constructive.”

Shares in Loop Media (LPTV) closed down 15 cents, or practically 3.5%, to $4.18 on the New York Inventory Trade, on a day when the Dow Jones closed down a fraction of a p.c.