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A couple days back, Tim Siglin of Streaming Media wrote an important piece about disturbing news in the online video market -- specifically, and incredibly, once-darling KIT Digital will restate ALL earnings for the past 3 years "due to revenue recognition irregularities." In KIT's own press release, it tells its investors to "no longer rely upon the Company's previously issued financial statements for these periods." Even more incredible (or not) is the fact that the company announced this disturbing development just prior to the market closing the day before Thanksgiving, thereby hoping to draw as little attention as possible to its announcement. Well, Tim Siglin noticed -- as have others in our space.
But, here's a new wrinkle which is unfortunate. Earlier today, Streaming Media itself inadvertently issued the following headline in its "Streaming Media Xtra" newsletter -- i.e., "Kaltura to Restate Earnings for Past 14 Quarters."
Obviously, it is KIT Digital -- not Kaltura (which is in the same OVP marketplace). I already have received a note indicating that Streaming Media will shortly issue an apology to Kaltura, if they haven't already.
This is a very rare miss for Streaming Media. I know the folks behind Streaming Media very well -- and they are top-notch all the way around.
Listen, mistakes happen. We all make them (I certainly do). But, this one in particular may very well create confusion with Kaltura customers.
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