NEW YORK (TheStreet) -- SFX Entertainment (SFXE - Get Report) 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.Must Read: Warren Buffett's 10 Favorite Growth Stocks