By Will Feuer
Discovery Financial Services announced that Chief Executive Roger Hochschild has resigned. John Owen, a member of Discovery’s board since 2022, has been appointed as interim CEO while the company searches for a permanent replacement. In order to find the right candidate, Discovery has enlisted the services of an executive-search firm. Following this news, the company’s shares experienced a decline of almost 5% in after-hours trading, settling at $98.00.
Grindr Reports Strong Q2 Results and Raises Full-Year Guidance
Grindr, the popular dating app, reported a profitable second quarter and recorded higher revenue. The company’s focus on improving the monetization of its platform proved successful. Furthermore, Grindr has raised its full-year revenue growth target from 25% to at least 28%. This positive update resulted in a significant increase of 23% in the company’s shares, which reached $5.78.
Getty Images Faces Setbacks in Q2 and Cuts Full-Year Outlook
In the second quarter, Getty Images experienced a loss and had to revise its full-year outlook due to a combination of macroeconomic pressures and strikes involving writers and actors in Hollywood. Additionally, the company’s auditors are currently addressing a comment related to the inspection of Getty Images’ 2022 workpapers, leading to a delay in filing its 10-Q disclosure with the Securities and Exchange Commission by the August 14 deadline. As a result of these developments, Getty Images’ shares dropped by 13% to $3.98.
Chicken Soup for the Soul Entertainment Reports Increased Loss in Q2
Despite generating higher revenue, Chicken Soup for the Soul Entertainment saw its loss more than double in the second quarter. As part of their response to these financial results, the company’s board is forming a “strategic review committee.” Additionally, Chicken Soup for the Soul Entertainment ended the quarter with a higher debt amount of $511.9 million compared to $479.7 million as of December 31. Reflecting these unfavorable outcomes, the company’s shares fell by 16% to 85 cents.
