Tech: The latest batch of quarterly reports failed to get investors very excited
Tech
Tech
The deadline for companies to submit their filings to the ASX for the September quarter is fast approaching.
But despite a raft of quarterly market updates, there wasn’t much that caught the eye of investors in morning trade.
Below is a quick summary of some of the more notable company reports this morning, along with the resulting moves in share prices.
Zip Co (ASX: Z1P)
The buy now, pay later platform has been one of the hotter stocks on the ASX this year, rising from around $1 to current levels above $4.
The company booked revenue of $31m for the three months to September (up 15 per cent q/q), on total transaction volume of $402.1m (up 111 per cent in annual terms).
It also highlighted steps to expand its distribution network into the UK market. Investors were looking for slightly stronger growth metrics, and Z1P shares fell back 6 per cent to $4.21.
Xref (ASX:XF1)
HR tech company Xref, which provides automated software solutions for reference-checking and performance reviews, flagged record Q1 cash receipts in its quarterly update this morning.
The company booked cash receipts of $3.53m with new credit sales — which are converted to cash when used — of $2.46m.
Xref also highlighted the rollout of its customer on-boarding platform Xref Lite, along with new client wins in the US market including Texas A&M University. Shares in Xref slipped back to 40c in morning trade — a loss of around 5.8 per cent.
GetSwift (ASX:GSW)
The logistics software company said total revenue and other income for the September quarter came in at $1.778m, more than double the same time last year.
GetSwift also flagged its strong balance sheet, with around $66m of liquid assets and no debt.
The company added that it remained a defendant in the only class action which had been “permitted to continue” against it — currently scheduled for a hearing in the Federal Court next August.
GetSwift shares were down 2.38 per cent at 61.5c, having climbed off the matt since the stock fell from above $4 last year after it was revealed GetSwift didn’t properly disclose the loss of two large contracts.
It wasn’t a quarterly filing, but defence tech company Elsight (ASX:ELS) had some good news for the market — announcing the first purchase order for Halo, its mobile data-transmission technology. Elsight said it would sell 10 Halo units to Airobotics, a US industrial drone company. The Halo platform allows for secure real-time data, video, and audio transmission over cellular networks.