Troika Media reports earnings, stock sinks after sharp gain Monday

Shares of branding and marketing company Troika Media Group Inc.

fell 51% after hours to 28 cents, following a 27% decline in the regular session after it reported financial results.

On Monday, shares rose 49%.

Troika reported results for a six-month transition period due to its fiscal year change to Dec. 31 from June 30.

Revenue rose to $187.9 million from $15.3 million, which reflected the purchase of Converge Direct LLC. The Converge business accounted for about $180.3 million of revenue in the latest period.

In December, the company approved a plan to de-emphasize Troika Design and Mission Culture operations, resulting in some job cuts, according to a Tuesday securities filing.

The company said it had “great results during an intensive period of change” and said “we continue to be excited at the growth opportunities in home improvement, residential services, legal and professional services and building on our internal consumer brand portfolio.”