Gaia: Layoffs helped cut expenses, bottom line still red
LOUISVILLE — Gaia Inc. (Nasdaq: GAIA) cut its costs slightly in the first quarter of 2023, but the streaming video provider turned what was a modest profit in the same period last year into a loss this year.
Revenues for the first quarter of 2023 were $19.6 million, 10.1% compared with the year-ago quarter, a result that Gaia said is “due primarily to the post-COVID subscriber contraction experienced industry-wide during 2022.”
The company posted a net loss of $1.1 million, down from earnings of $100,000 in the year-ago quarter.
On the positive side, the company reversed a recent trend of losing paid subscribers,…
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