Last Friday, Social Life Network (OTCMKTS:WDLF) was in sharp focus among investors after the company announced its financial results for the third fiscal quarter and managed to record a strong performance.
Trading Data
On Friday, WDLF stock increased 38.39% at $0.0042 with more than 580.32 million shares, compared to its average volume of 99.63 million shares. The stock has moved within a range of $0.0030 – 0.0049 after opening the trade at $0.0030.
Announces Record Growth in 2021
The company announced that its sales went up by as much as 26% in the quarter when compared to the entire first nine months of 2020. In addition to the growth in revenues, the company also managed to cut down on its expenses considerably. The operating expenses went down by as much as 62% from the nine month period in 2020.
The Chief Executive Officer of Social Life Network Ken Tapp spoke about the company’s performance as well. He stated that the performance in the third quarter proved to be the strongest since it had first gone public back in 2016.
On the other hand, the strength in the balance sheet has also been at its strongest since Social Life Network had been established back in 2013. The long term strategy from the company to reduce debt, cutting down operating expenses, boosting revenues and the launch of the Decentral Life Division had all been fulfilled in the third fiscal quarter. It would be interesting to see if the stock can add to its gains today.
Key Quote
“We have Increased revenue and decreased net loss from the same three-month and nine-month period in 2021, while further decreasing our operating expenses by 62% year-over-year for the same nine-month period in 2020,” said Director and President Todd Markey. “We hope that our shareholders this year have developed a much greater sense of confidence with management’s business plan for our continued growth into 2022, and beyond.”
Technical Data
WDLF stock is trading below the 50-Day and 200-Day Moving averages of $0.0043 and $0.0101 respectively. However, the stock is trading above 20-Day moving average of $0.0037. The stock is up 31% in the past week.
