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.

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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.

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More than 2.5 million shares had changed hands as of 10 a.m., compared to the average volume of 397,506.

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