Izea Inc. ( IZEA ) shares fell 13% in pre-market trade after the provider of marketing and custom content services, reported Q3 total bookings of $7.9 million, up 2% from $7.7 million in the same period last year, while managed services bookings were $6.7 million, up 12%.
Managed services bookings is the primary focus of the company, and contributed more than 95% of the IZEA's gross profit margin during the first three quarters of 2017.
The company reiterated its 2017 revenue guidance of $29 million to $30 million and raised its guidance on gross margins by 200 basis points, with an expected range of 49%-50% for the year, as a result of improving product mix and increased margins on custom content development for brands.
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