If a company reports a significant year-on-year rise in revenues then it almost always leads to a certain degree of attention from the markets and it is going to be interesting to see if that same happens with Clubhouse Media Group Inc (OTCMKTS:CMGR) stock today.
On Wednesday, CMGR stock ended flat at $0.0013 with more than 170.24 million shares, compared to a volume of 46.65 million shares. The stock moved within a range of $0.0012 – 0.0017 after opening trade at $0.0013.
Clubhouse Media Group, Inc. Reports Second Quarter 2022 Net Revenue of $1.9 Million, a 104% Increase from Same Period in 2021
The influencer-powered social media and digital talent management company was in the news yesterday after it announced its financial results for the second fiscal quarter of the year. The company managed to bring in revenues to the tune of $1900932, which reflected a year-on-year rise of as much as 104%.
More importantly, to go along with the rise in revenues, Clubhouse Media Group also managed to reduce its expenses by as much as 79% on a year-on-year basis to $1,040,549. On the other hand, the operating losses for the period dropped as well and came in at $492,977.
The operating loss reflected a reduction of as much as 90% from the prior year period. The net losses stood at $4,926,112 and that worked out to a year-on-year drop of 32%. It now remains to be seen if the stock can manage to get any traction among investors today.
“We are pleased with our second quarter results that continue to demonstrate our commitment to growing our business in a sustainable way while reducing our expenses dramatically,” said Amir Ben-Yohanan, CEO of Clubhouse Media. “The revenue growth was driven mainly by both the higher quantity and quality of brand and agency deals with creators, as well as the growth of our Honeydrip platform. We expect that the further expansion of our sales team will be a key driver of revenue growth in future quarters.”
CMGR stock is below the 20-Day and 50-Day Moving averages of $0.0016 and $0.0028 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1442. The company has a total market capitalization of $226K. The stock is down 97% over the past 6-month.