NEW YORK (TheStreet) -- Shares of Viggle (VGGL) plunged 8.28% to $3.21 in morning trading Thursday to give up some of the significant gains it made Wednesday following its first-quarter revenue increase.
For the first quarter of fiscal 2015, revenue surged 49% year-over-year to $6.476 million from $4.338 million. Viggle also reported an adjusted EBITDA loss of $7.8 million, compared to $5.9 million in the same period one year earlier.
Viggle's net registered users eclipsed 7 million in the quarter, a 112% increase from the same quarter one year ago. The entertainment marketing app company announced its total reach was 26.2 million and active reach was 10.3 million in September.
Viggle users have checked into 428,497,868 TV programs and more than 75 million songs using the new Viggle Music service as of the first quarter of 2015.
More than 2.5 million shares had changed hands as of 10 a.m., compared to the average volume of 397,506.