Newsmax (NMAX -1.97%) stock saw another surge of selling action over the past week of trading trading. The company's share price ended the week's trading down 26% from the previous week's market close.

Newsmax stock saw pullbacks in conjunction with some directionally bearish fluctuations for the broader market and also some business-specific news. The company followed up an engagement update for its free-streaming channel with a new board-member announcement and forward sales guidance for the year, and shares sold off in conjunction with the new outlook.

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Newsmax stock sank following performance and outlook updates

On June 10, Newsmax published a press release announcing that its free Newsmax2 streaming channel had seen viewership increase 25% year over year in May. The increase in viewership appears to have underwhelmed the market.

The next day, Newsmax announced that it had appointed Paula Dobriansky and Alex Acost to its board of directors and that they will be serving as part of the company's audit committee. The company paired the announcement with guidance for sales between $180 million and $190 million this year. If the business were to deliver sales at the midpoint of that guidance range, it would mean posting annual revenue growth of roughly 8.2% over the $171 million in sales it recorded last year.

What's next for Newsmax?

Newsmax had its initial public offering (IPO) at the end of March and saw its valuation skyrocket across its first two days of trading. But the stock has since seen huge sell-offs, and its share price is now down 95% from the lifetime high it reached shortly after its public market debut.

Newsmax's sales guidance for this year suggests a substantial growth deceleration. For reference, the business grew sales roughly 26.4% last year -- and it recorded sales growth of 11.6% in this year's first quarter. Newsmax is still growing its sales, but cable news appears to be a market in secular decline -- and it remains to be seen whether Newsmax can successfully scale and monetize its direct-to-consumer offerings.