Galaxy Next Generation (GAXY) Reports Earnings: Stock Jumps
As the earnings season continues, it might be necessary for investors to keep a close eye on the announcement and the price action in stocks in reaction to financial performances.
On Friday, the interactive learning solution providing company Galaxy Next Generation Inc (OTCMKTS: GAXY) saw its stock jump by 2% after it announced its third fiscal quarter financial results. In the period that ended on March 31 this year, the company’s cash balance soared by 280% year on year to hit $742,000.
On the other hand, the company’s revenues soared by as much as 123% from the prior-year period and hit $777,000. It needs to be pointed out that Galaxy Next Generation also reported deferred revenues of $800,000. The gross margin on the products sold came in at 54% and inventories went up by $2.2 million. It is now going to be interesting to see if the stock can continue to hold on to its momentum over the coming days.