It was a pretty tough day in the markets for investors in Affluence Corporation (OTCMKTS:AFFU) as the company saw its stock take a beating and then end the day with a decline of as much as 30%.
Trading Data
On Wednesday, AFFU stock moved down 30% to $0.0350 with more than 1.30 million shares, compared to its average volume of 164K shares. The stock moved within a range of $0.0311 – 0.0540 after opening trading at $0.0500.
Affluence Corporation Announces Second Consecutive Quarter of Record Revenue and Earnings in Q1
The company, which is a leader in the Internet of Things (IoT) and Smart City Software industries, was in the news yesterday after it announced its financial results for the first fiscal quarter of the year. The decline in the stock seemed a bit incongruous considering the fact that Affluence Corporation had managed to generate record revenues as well as record earnings for the second consecutive quarter.
The company managed to grow its revenues by as much as 363% on a year on year basis and on the other hand, the revenues grew 27% on a sequential basis. The revenues for the first quarter came in at $550,600. On the other hand, the net income for the quarter stood at $170,604 and that was the highest net income that the company had generated in its history. In light of such a showing, it may well be a good idea for investors to keep an eye on the Affluence stock and watch for a possible recovery.
Key Quote
“I am pleased to announce record revenue and earnings for the second quarter in a row,” said James E Honan, Jr., CEO of Affluence Corporation. “I am extremely proud of our team and delighted to announce record revenue of $550,600 for the first quarter of 2022. Q1 is a continuation of the momentum that has been building since the third quarter of 2021. More importantly we achieved another consecutive quarter of record earnings as the majority of our revenue came from our subsidiary OneMind Technologies’ Smart City Software products. Q1 2022 earnings of $170,604 increased 490% over Q4 2021. We are very confident that this momentum will continue for the remainder of the year,” said Honan.
Technical Data
AFFU stock is trading below the 20-Day and 50-Day Moving averages of $0.0525 and $0.0606 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1151.
