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Why SFX Entertainment (SFXE) Stock Is Down Today

NEW YORK (TheStreet) -- SFX Entertainment (SFXE) stock is tumbling Thursday after the music festivals organizer reported a first-quarter net loss far wider than expected and revenue nearly half of analysts' estimates. 

By midday, shares had dropped 8.2% to $6.30.

In its quarter ended March, the company reported a net loss of 73 cents a share. Analysts surveyed by Thomson Reuters had anticipated a net loss of 17 cents a share. 

Revenue of $33.33 million fell short of estimates of $63.3 million. 

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