NextPlay technologies (NASDAQ:NXTP) shares are rising on Friday as investors respond to the company’s latest earnings report.
Let’s delve into this news and other details that potential NXTP equity investors need to know about the company.
- NextPlay Technologies reported revenue of $ 4.2 million in the third fiscal quarter of 2022.
- That missed Wall Street’s $ 5.85 million estimate for that period.
- Still, investors don’t let it drag them down.
- This is probably due to a 59% increase compared to the previous quarter, as well as a year-on-year jump without revenue in the 2021 fiscal quarter.
- Gross profit reported by NextPlay Technologies for the quarter was $ 2.2 million.
- It is also worth mentioning that the company’s gross margin was 53.5%, which is more than in the second fiscal quarter of 2022, compared to 51.9%.
Nithinan Boonyawattanapisut, co-CEO of NextPlay Technologies, said the following in his earnings report.
“The increase in our revenues in the third quarter and significant gross margin growth prove that we have reached an important turning point in our growth and development strategy as we gradually and successfully integrate several components of recent synergy acquisitions to transform our business. It was the first full quarter to show a 100% contribution from these acquisitions, and we believe it is the foundation for further growth and expansion. “
Another highlight for a company running a digital business ecosystem for advertisers, consumers, gamers and travelers today is strong trading. Since that writing, more than 22 million shares have changed hands. For the record, the daily average trading volume of the company is about 5.7 million shares.
Shares of NXTP rose 12.8% on Friday afternoon.
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