NextPlay Technologies (NASDAQ:NXTP) stock is rising higher on Friday as investors react to the company’s most recent earnings report.
Let’s dive into that news, as well as other details potential investors in NXTP stock need to know about the company.
- NextPlay Technologies reported revenue of $4.2 million during its fiscal third quarter of 2022.
- That missed Wall Street’s estimate of $5.85 million for the period.
- Even so, investors aren’t letting it drag them down.
- That’s likely due to the 59% increase from the prior quarter, as well as the year-over-year jump from no revenue in fiscal Q3 2021.
- The gross profit reported by NextPlay Technologies during the quarter comes in at $2.2 million.
- It’s also worth noting that the company’s gross margin was 53.5%, which is up from 51.9% in fiscal Q2 2022.
Nithinan Boonyawattanapisut, co-CEO of NextPlay Technologies, said the following in the earnings report.
“The increase in our third quarter revenues and significant gross margin expansion demonstrate that we’ve arrived at a major inflection point in our growth and development strategy as we gradually and successfully integrate several components of recent synergistic acquisitions to transform our business. This was the first full quarter that showed 100% contribution from these acquisitions, and we believe that it represents the foundation for further growth and expansion.”
Another highlight for the company operating a digital business ecosystem for advertisers, consumers, gamers, and travelers is heavy trading today. As of this writing, more than around 22 million shares have changed hands. For the record, the company’s daily average trading volume is about 5.7 million shares.
NXTP stock is up 12.8% as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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