The declaration of quarterly results almost always has an effect on a company’s stock and for Society Pass Inc (NASDAQ:SOPA) it was a negative one as the stock tanked by 20% yesterday following the announcement of its quarterly results.
Trading Data
On Tuesday, SOPA stock moved down 20.50% to $1.90 with more than 3.08 million shares, compared to its average volume of 3.20 million shares. The stock moved within a range of $1.8250 – 2.2200 after opening trade at $2.16.
Major Details
The company had announced its financial results the before and in this regard, it ought to be noted that Society Pass has actually delivered strong results. The company managed to generate revenues to the tune of $445,090 in the first fiscal quarter that ended on March 31, 2022 and that reflected a year on year rise of a staggering 4582% from the revenues of just $9506.
On the other hand, the cash piled at Society Pass grew on a sequential basis as well. The company ended the first quarter with cash on hand of as much as $31 million and that was considerably higher than the cash on hand of $23.3 million in the quarter that ended on December 31, 2021.
Society Pass also announced that the acquisition of Handycart and Pushkart had also helped in expanding the business. Due to those acquisitions the company managed to clock 1.6 million registered users as well as 5500 brands and merchants.
Key Quote
Dennis Nguyen, Founder, Chairman and CEO of Society Pass, said, “Our robust revenue growth validates our acquisitions focused operating model. Leflair continues to be our main revenue contributor as we gear up our latest acquisitions Pushkart and Handycart to become leaders in their respective markets.
Technical Data
SOPA stock is below the 20-Day and 50-Day Moving averages of $2.21 and $2.54 respectively. Moreover, the stock is trading below the 200-Day moving average of $8.10.
