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NXTP Stock: 6 Things to Know About NextPlay Technologies as Stocks Soar

NextPlay Technologies (NASDAQ:NXTP) shares rise on Friday as investors react to the company’s latest earnings report.

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Let’s dive into this news, along with other details that potential NXTP stock investors should know about the company.

  • NextPlay Technologies reported revenue of $4.2 million in its fiscal 2022 third quarter.
  • This missed Wall Street’s estimate of $5.85 million for the period.
  • Even so, investors are not getting dragged down.
  • This is likely due to the 59% increase from the previous quarter, as well as the year-over-year jump from no revenue in the third quarter of fiscal 2021.
  • Gross profit reported by NextPlay Technologies during the quarter was $2.2 million.
  • It should also be noted that the company’s gross margin was 53.5%, compared to 51.9% in the second quarter of fiscal 2022.

Nithinan Boonyawattanapisut, co-CEO of NextPlay Technologies, said the following in the earnings report.

“The increase in our revenues in the third quarter and the significant increase in our gross margin demonstrate that we have reached a major inflection point in our growth and development strategy as we gradually and successfully integrate several components of synergistic acquisitions to transform our business. This is the first full quarter that has shown a 100% contribution from these acquisitions, and we believe it represents the foundation for future growth and expansion. »

Another strong point for the company operating a digital commerce ecosystem for advertisers, consumers, gamers and travelers is intensive commerce today. As of this writing, more than approximately 22 million shares have changed hands. For the record, the company’s average daily trading volume is around 5.7 million shares.

NXTP stock is up 12.8% on Friday afternoon.

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At the date of publication, William White did not hold (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to Publication guidelines.

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