Watch Tesla Remixes The Tune: LiveOne Shares Dip After Partnership Changes And Slashed Revenue Guidance Tesla Stock News

LiveOne, Inc. (NASDAQ:LVO) stocks are buying and selling decrease on Tuesday following its amended partnership with Tesla, Inc. (NASDAQ:TSLA).

LiveOne renewed its partnership with the EV behemoth thru May 2026. Effective nowadays, Tesla changed its streaming button with LiveOne’s in perpetuity.

The corporate additionally introduced the release of its LiveOne 2.0, for subscribers get right of entry to to song on all units. About 1.9 million subscribers can convert to Premium/Plus services and products.

As of Dec 1, 2024, Tesla will now not subsidize LiveOne merchandise to a few of its consumers. However, LiveOne will be offering all Tesla consumers discounted LiveOne song programs, the corporate stated.

“The conversion opportunity has enormous upside by offering Tesla owners an opportunity to upgrade and have access on all devices at discounted priority pricing,” stated Robert Ellin, CEO of LiveOne.

Tesla will proceed to pay LiveOne per month for grandfathered customers in perpetuity.

Also Read: East Coast Dockworkers Strike: How Labor Dispute Impacts Economy, Logistics Companies

“We’ll drive growth, unlock new revenue streams, own our data, and increase ARPU. To be conservative, due to the timing of our conversion rate, we are adjusting FY2025 revenue guidance to $120M – $135M and $8-15M adjusted EBITDA,” the CEO added.

Outlook: For fiscal yr 2025, LiveOne revised its consolidated earnings from $140 million – $155 million to $120 million – $135 million (estimate: $144.99 million), with consolidated adjusted EBITDA projected at $8 million – $15 million (prior view $16 million – $20 million).

The corporate has reaffirmed its $12 million proportion buyback program and formally retired 4.2 million stocks, bringing the overall remarkable stocks to roughly 94 million.

Price Action: LVO stocks are buying and selling decrease by means of 21.4% to $0.7460 eventually test Tuesday.

Image by way of Shutterstock

Read Next:

Up Next: Transform your buying and selling with Benzinga Edge’s one-of-a-kind marketplace business concepts and equipment. Click now to get right of entry to distinctive insights that may set you forward in nowadays’s aggressive marketplace.

Get the newest inventory research from Benzinga?

This article Tesla Remixes The Tune: LiveOne Shares Dip After Partnership Changes And Slashed Revenue Guidance at first gave the impression on Benzinga.com

© 2024 Benzinga.com. Benzinga does now not supply funding recommendation. All rights reserved.