Digital Turbine (NASDAQ: APPS) experienced a significant sell-off on Friday, closing down 14.6%, while the S&P 500 and Nasdaq Composite indices declined by 0.3% and 0.6%, respectively. The sell-off followed an explosive rally after the company reported better-than-expected quarterly results earlier in the week, leading investors to take profits.
The decline was attributed to profit-taking and growing concerns over new technology export restrictions and escalating geopolitical tensions involving Israel and Iran. Digital Turbine’s performance outlook remains uncertain as its revenue guidance for the current fiscal year is between $515 million and $525 million, with projected adjusted EBITDA of $85 million to $90 million.
