These ASX tech quarterly reports are getting investors excited
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Several ASX tech quarterlies got investors excited this morning with online meal kit seller Marley Spoon (ASX:MMM) leading the charge.
Shareholders spent several months last year wondering if the Marley Spoon business model could make money; now, the widespread adoption of online grocery shopping, sparked by COVID-19, has shown that it can.
The company has now reached positive earnings on a global basis and revenues jumped 129 per cent from the prior corresponding period.
Chief exec Fabian Seigel said this was due to both existing customers upping their spending and on-boarding new customers.
“We are grateful for the business received from existing and new customers, who entrusted us with feeding their families in these uncertain times,” he said.
“Many of these new customers that discovered the benefits of our meal kit brands are remaining with us and are enjoying cooking in a better way compared to the old supermarket way.”
In early trade it was the biggest winner among stocks that released their quarterlies, surging over 30 per cent.
The security device maker saw $4 million in positive operating cash flows for the quarter.
This came from stronger trading conditions, despite COVID-19, including one new contract from the Australia Department of Defence.
Shares were up by 11 per cent at 11am.
Like its fintech peers, this digital banking payments stock enjoyed a solid June quarter.
The company made just over $3 million in operating revenue bringing the FY 2020 total to $11.86 million.
This represents average annual revenue growth of 50 per cent for the last three years.
The company also listed its achievements this quarter. Among them were the integrated of its China-focused cross-border payments platform into AliPay.
The online rental platform announced its best earnings result since listing, improving by 60 per cent.
Its revenues and clientele volumes also rose year on year despite being impacted in the early stages of the pandemic.
Even though Victoria returned to lockdown in April, the company said there hasn’t yet been an impact being nationally exposed.
Having fallen to 21 cents in March, the buy now, pay later stock has rocketed back up to $1.45 this morning.
The company enjoyed a record growth quarter as it saw increase uptake.
One metric illustrating Splitit’s growth is its Merchant Sales Volume (MSV) which surged 260 per cent year on year to US$65.4 million ($91 million).
But CEO Brad Paterson told shareholders his company was only just getting started.
“We expect this growth to continue as we focus on delivering significant benefit and value to our customers,” he said.