As another earnings season begins, it is perhaps time for investors to look into the sort of performances that have been delivered by some select stocks and today, it might be a good time to look into the financial performance of Color Star Technology Co Ltd (NASDAQ:CSCW).
On Tuesday, CSCW stock decreased 6.93% at $0.7249 with more than 13.29 million shares, compared to its average volume of 5.26 million shares. The stock has moved within a range of $0.7000 – 0.7700 after opening the trade at $0.7621.
The entertainment technology firm was in focus yesterday after it announced its financial results for the fiscal year that had concluded on June 30, 2021. Investors did not seem impressed with the results and the stock tanked by 7% as a consequence. However, it should be noted that the stock is still up by 20% over the course of the past week.
In the 2021 fiscal year, the company managed to bring in revenues of around $6.8 million and that was a major development considering the fact that in the prior year period, Color Star had not generated any revenues at all.
On the other hand, the gross profits for the fiscal year stood at $2.6 million and that reflected a year on year jump of as much as 100%. It was the first time in as many as three years that the company managed to generate any major growth in gross profits and revenues.
Mr. Basil Wilson, CEO of Color Star, commented: “We are pleased to see our strong financial performance in the 2021 fiscal year, and the significant revenue increase is an indication of the successful development and growth of our business transformation under the pandemic. Due to the closure of live events in 2020 and part of 2021, Color Star developed its new online business to make up for its lost business revenue.”
CSCW stock is trading below the 200-Day and 50-Day Moving averages of $0.96 and $0.75 respectively. However, the stock is trading above the 200-Day moving average of $0.63. The stock is up 34% in the past month.