YuMe Reports Third Quarter 2016 Financial Results

YuMe, Inc. (NYSE: YUME), the global audience technology company powered by data-driven insights and cross-screen expertise, today announced its financial results for the third quarter ended September 30, 2016. The Company also announced the transition of its CEO and Chairman of the Board roles, a restructuring plan to improve profitability, and that its Board of Directors' special committee of independent directors will explore and evaluate a range of strategic alternatives to enhance shareholder value.

Financial highlights for the third quarter of 2016 include:
  • Revenue of $35.0 million, compared to $38.9 million in the third quarter of 2015 (Q3 2015);
  • Revenue from top 20 advertising customers of $15.8 million, an increase of 7% from Q3 2015;
  • Mobile and connected television impressions accounted for 43% of revenue, compared to 32% of revenue in Q3 2015;
  • Gross margin of 48.4%, compared to 44.8% in Q3 2015;
  • Net loss of $4.5 million, or $0.13 per diluted share, compared to a net loss of $6.5 million, or $0.19 per diluted share, in Q3 2015;
  • Adjusted EBITDA 1 loss of $0.7 million, compared to an adjusted EBITDA loss of $2.8 million in Q3 2015;
  • $63.7 million in cash, cash equivalents and marketable securities and no debt as of September 30, 2016;
  • Repurchased approximately 1.6 million shares of its common stock to date for $5.8 million.

Executive and Board of Directors Changes, Restructuring Plan Announced

The Company announced today that Jayant Kadambi will no longer serve as YuMe's Chairman of the Board and Chief Executive Officer, effective immediately. Mr. Kadambi will remain on the Board. Additionally, Jim Soss, Executive Vice President and General Manager, North America, and Hardeep Bindra, Executive Vice President, Operations, will no longer be employed at YuMe, effectively immediately.

If you liked this article you might like

Adobe Systems to Boost Marketing Footprint With TubeMogul

5 Stocks Insiders Love Right Now

4 Stocks Under $10 Making Big Up Moves

For Ad-Tech Start-ups, It's Probably Better to Stay Private

AOL Boosts Its Ad Tech Stature with Millennial Media Buy