Why Troika Media Group Shares Are Trading Lower Today

Troika Media Group TRKA shares are trading lower on Tuesday after the company reported 1H financial results.

The company reported revenue of $187.91 million for the six months ended December 31, 2022. The Converge acquisition helped diversify the company's revenue streams and created efficiencies. It accounted for approximately $180.3 million, or 96%, of the company's total revenue. The incremental revenue to the business included performance solutions revenue of $75.7 million, or 40%, and managed services revenue of $104.6 million, or 56%.

"The acquisition of Converge continues to provide transformational changes for the Company. The revenue contributed by these new revenue streams totaled approximately $270.6 million since its acquisition in March 2022, a period of 285 days. Further, we are pleased by the continued growth in revenue that is derived from our owned and operated internal brands, which justifies our continued investment in this enterprise strategy," said Erica Naidrich, CFO of TMG.

TMG is a consumer engagement and customer acquisition consulting and solutions group based in New York and Los Angeles.

TRKA Price Action: TMG has a 52-week high of $1.42 and a 52-week low of $0.01.

TMG shares are down 36.0% at $0.49 at the time of writing, according to Benzinga Pro.