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Digital Turbine names Michael Akkerman as Chief Business Officer

EditorNatashya Angelica
Published 06/10/2024, 02:26 PM
APPS
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AUSTIN, Texas - Digital Turbine, Inc. (NASDAQ: NASDAQ:APPS), a company specializing in mobile growth solutions, today announced Michael Akkerman as its new Chief Business Officer. Akkerman, with a background in advertising and technology, will oversee the company's global go-to-market strategy, which encompasses sales, partnerships, marketing, product, and business operations.

Akkerman's appointment comes at a time when Digital Turbine is looking to enhance its position in the mobile ecosystem. His career includes significant roles at Uber (NYSE:UBER), where he was General Manager of Mobility Advertising, and at Cardlytics (NASDAQ:CDLX) as Chief Product & Strategy Officer. Additionally, he served as the Global Head of Partnerships at Pinterest (NYSE:PINS), managing a network of over 130 strategic partners.

Bill Stone, CEO of Digital Turbine, expressed confidence in Akkerman's ability to contribute to the company's growth, citing his extensive experience and leadership in high-growth environments. Stone emphasized that Akkerman's strategic insight and operational expertise are expected to be valuable assets in expanding Digital Turbine's global presence and driving innovation.

In his statement, Akkerman highlighted Digital Turbine's reach, which extends to over 800 million devices, and its robust advertising ecosystem. He expressed eagerness to leverage the company's capabilities to deliver personalized advertising solutions and create value for technology, carrier, and advertising partners.

Digital Turbine, headquartered in North America with offices worldwide, aims to connect telcos, advertisers, and publishers with consumers across various devices, streamlining awareness, acquisition, and monetization efforts. The company's end-to-end platform is designed to simplify partner engagement with mobile consumers.

This move is part of Digital Turbine's ongoing efforts to strengthen its leadership team and enhance its market offerings. The information in this article is based on a press release statement from Digital Turbine.

In other recent news, Digital Turbine has reported a year-over-year revenue decline of 18% to $544.5 million for fiscal year 2024. Despite this downturn, the company remains focused on growth strategies and anticipates a revenue range of $540 million to $560 million for fiscal year 2025. Furthermore, the company is undergoing regulatory reviews for the potential acquisition of UScellular, a process that could extend over a year.

BofA Securities has maintained a neutral stance on Digital Turbine's stock, despite a revenue shortfall in the fourth fiscal quarter. The firm attributed the shortfall to a significant decline in US carrier device activations, affecting the company's On Device Services outcomes. Despite this, Digital Turbine's EBITDA margin exceeded projections due to effective cost management, and the App Growth Platform business met internal expectations.

These developments follow the completion of the DT Exchange platform consolidations, marking a turning point for Digital Turbine. The company's management is optimistic about the platform's growth prospects, starting from a "clean slate." The firm's maintenance of a $3.00 price target suggests a watchful perspective on the stock's potential.

InvestingPro Insights

As Digital Turbine welcomes Michael Akkerman to steer its global strategy, the company's stock performance and financial health remain crucial for investors. According to real-time data from InvestingPro, Digital Turbine (NASDAQ: APPS) is currently navigating through a challenging phase with a market capitalization of 164.01 million USD. The stock has been experiencing significant volatility, as reflected in the recent price movements, including a steep decline over the last week.

Investors should note that the company's stock is trading near its 52-week low, with a price that's a mere 13.96 percent of the 52-week high. This could be an indicator of the market's current sentiment towards the stock. Moreover, Digital Turbine has not been profitable over the last twelve months, which is a critical consideration for potential investors. Despite these challenges, analysts predict that the company will turn profitable this year, which could signal a positive outlook for the future.

One of the key InvestingPro Tips for Digital Turbine is the company's high shareholder yield, which might be attractive for investors seeking potential value. However, it's also important to be aware that four analysts have revised their earnings downwards for the upcoming period, which could impact future performance.

For those interested in a deeper dive into Digital Turbine's financial metrics and stock performance, there are additional InvestingPro Tips available. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to these valuable insights. With a total of 11 additional tips listed on InvestingPro, investors have the opportunity to make more informed decisions regarding Digital Turbine's prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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