By Josh Beckerman
Genius Brands International shares rose 11% to $2.73 Monday as the children’s media company reported favorable first-quarter trends including lower customer acquisition costs.
Quarterly revenue rose to $14.2 million from $1.4 million, reflecting acquisitions including Wow Unlimited Media. Loss was 77 cents a share, compared with a loss of 15 cents a share a year earlier.
Genius Brands implemented a cost-cutting plan “aimed at streamlining operations and continuing the path to profitability.” Reductions include personnel costs and production spending.
The company provides entertainment content such as “Stan Lee’s Superhero Kindergarten” and “Shaq’s Garage” and operates Kartoon Channel. It said its subscription base has increased 6% since the fourth quarter, with subscriber watch time up 15% for the same period.
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