NEW YORK (TheStreet) -- LeapFrog (LF) shares are down 16.43% to $1.73 in pre-market trading on Friday after the children's educational entertainment developer reported its fourth quarter earnings results after the closing bell yesterday.

The Emeryville, CA-based company reported a fourth quarter net loss of $76.2 million, or a loss 56 cents per diluted share on an adjusted basis, well short of analysts' 19 cents per share loss expectations.

Revenue for the period fell 40.4% year over year to $33.93 million, well below analysts' $48.33 million estimates.

"We expect fiscal year 2016 sales to contract considerably relative to the prior year, and operating losses for fiscal year 2016 to be similar to or greater than fiscal year 2015 losses, excluding goodwill and long-lived asset impairments," said CFO Ray Arthur.

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