At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has returned to form and is charging higher. The benchmark index is currently up 1% to 7,333.8 points.

Here’s what is happening on the ASX 200 today:

Coles third quarter update

The Coles Group Ltd (ASX: COL) share price is edging higher today. This follows a positive response to the supermarket giant’s third quarter update. According to the release, for the 12 weeks ended 27 March, Coles reported a 3.9% increase in sales to $9.3 billion. This was driven by solid growth across its supermarkets and liquor businesses, offsetting softer sales from the express business. Coles also revealed that the fourth quarter has started positively.

Fortescue shares storm higher

The Fortescue Metals Group Limited (ASX: FMG) share price is storming higher today following the release of the mining giant’s third quarter update. During the quarter, Fortescue’s iron ore shipments were up 10% year on year to 46.5 million tonnes (mt). This meant the company’s shipments reached a record of 139.5mt for the first three quarters of the financial year. And Fortescue has revised its cost guidance higher, investors are looking beyond this due to improving iron ore prices and an upgrade to its shipments guidance.

Pilbara Minerals shares charge higher

The Pilbara Minerals Ltd (ASX: PLS) share price is having a strong day thanks to the release of the lithium miner’s quarterly update. While Pilbara Minerals reported a 2% quarter on quarter decline in production to 81,431 dry metric tonnes (dmt) of spodumene concentrate, it recorded another big increase in the price of its lithium. The average spodumene price for the period was US$2,650 per dmt. Furthermore, management has retained its FY 2022 production guidance of 340,000–380,000 dmt.

Best and worst ASX 200 performers

The best performer on the ASX 200 has been the AMP Ltd (ASX: AMP) share price with a 14% gain. This follows the announcement of an agreement to sell its international infrastructure equity business. Going the other way, the Sandfire Resources Ltd (ASX: SFR) share price is down 13% following the release of the copper’s producer’s quarterly update.

The post ASX 200 midday update: Coles, Fortescue, and Pilbara Minerals release quarterly updates appeared first on The Motley Fool Australia.

More reading

• Pilbara Minerals share price climbs as lithium prices surge
• Fortescue share price charges higher on Q3 update and shipments guidance upgrade
• Coles share price in focus amid solid Q3 sales growth
• Cash generation among ASX 200 iron ore shares will ‘be significant’ in 2022: expert
• ‘No risk, no reward’: Exit ASX shares if you can’t stomach volatility, says experts

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares in Tesserent Ltd (ASX: TNT) are falling lower during trade on Wednesday, down 2.78% at 17.5 cents.

Earlier, the Tesserent share price was in the green, trading as high as 19 cents. But it has since backtracked and fallen into the red.

This comes on the back of Tesserent releasing its quarterly update today, reporting a jump in turnover and earnings before interest, tax, depreciation and amortization (EBITDA).

Tesserent grows revenue, EBITDA year on year

Key highlights from the company’s unaudited earnings this quarter include:

• “Continuing growth for first three quarters of FY22”, with an 82% gain in turnover and 148% jump in EBITDA this Financial Year to date (FYTD)
• For Q3 FY22, the company says it recognised $41.5 million in revenue, up 97% year on year (YoY)
• Organic growth (excluding acquisitions) recorded at 36% for both the third quarter and YTD
• Annual Recurring revenue (ARR) reaches 45% of annual turnover
• Further innovation investment of $1.1 million made in strategic partner Daltrey focusing on biometric security
• The Group’s reported cash position is $10.0 million as at 31 March 2022

What else happened this quarter for Tesserent?

Third quarter revenue grew 97% YoY for Tesserent, made up of both organic sales growth and the impact of acquisitions.

Tesserent also recorded a net operating cash outflow during the period of $1.1 million. It puts this down to “an increase in debtors and unbilled WIP balance – driven by growth in the Group’s workforce coupled with a seasonal step up in the level of consulting activity in Q3”.

Aside from that, the group had grown its headcount to 404 by the end of the quarter, adding another 24 employees last quarter, and 96 employees this FYTD.

“The business is focused on recruiting and retaining key talent to continue to provide an
outstanding level of customer service to our clients, whilst continuing to grow our coverage in all
aspects of the Cyber 360 delivery to the market,” Tesserent said.

Tesserent has also recently appointed Samantha Riddle to the role of Director of People and Culture (P&C) and Samantha has taken on leadership of the P&C corporate team as well as developing the P&C plan for implementation in FY23 across all the operating businesses.

What’s next?

The company expects its earnings to be lumpy due to the seasonality of its business. Specifically, it says:

As highlighted in previous releases, earnings within the business are highly seasonal, and the profile of earnings is exhibiting a similar seasonality within the current year. This is expected to continue into the last quarter of FY22.

Aside from that, no specific earnings or sales guidance was provided for the coming periods in Tesserent’s release today.

Tesserent share price snapshot

The Tesserent share price has fallen 22% in the last 12 months, however, it has held a 3% gain this year to date. Shares have also spiked more than 13% in the past month of trade.

The post Tesserent share price falls despite quarter of ‘continued strong growth’ appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Coles, Fortescue, and Pilbara Minerals release quarterly updates
• Bitcoin, Ethereum, and Cardano are turning it around today. Here’s why
• Pilbara Minerals share price climbs as lithium prices surge
• Down over 10% in 10 days: Is the BHP share price a bargain buy now?
• Why Alphabet stock slumped on Wednesday

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Today’s been a rather rocky one in the world of cryptocurrencies. Despite a significant sell-off yesterday in most top tokens, there’s been a solid rebound across all 10 of the largest tokens by market capitalization this afternoon.

As of 4:20 p.m. ET, Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Cardano (CRYPTO: ADA) erased all of this morning’s losses and then some, increasing 2.9%, 1.9%, and 1%, respectively, over the past 24 hours. 

There were a number of catalysts responsible for this move. 

Perhaps the most important catalyst for all three of these top-10 tokens is being provided via a bullish macro environment. Bitcoin and its large-cap peers have surged in this afternoon’s session, following their equity counterparts higher as risk-on sentiment builds in today’s market. Generally strong earnings from key companies reporting this week have provided the view that the economic outlook may have grown too bearish in April. Being among the riskiest assets on the market, cryptocurrencies are following tech stocks and other risk assets higher today.

Positive derivatives action, an airdrop and DAO announcement from an Ethereum Layer-2 network, and an upgrade to Cardano’s block size (by 10%) also helped these tokens surge higher this afternoon.

So what

There’s certainly a lot going on with each of these projects at a token-specific level. The ecosystems behind Bitcoin, Ethereum, and Cardano are each massive. And as these ecosystems grow and evolve, investors can find new and exciting reasons to invest in these long-term growth assets.

That said, this macro environment appears to be driving most of the market-related swings in the crypto world. While today’s late price action has provided a reprieve for investors, it’s unclear if this rally can be maintained. Accordingly, investors are likely to remain on edge for some time, until signs of a true bull market materialize again.

Now what

Cryptocurrencies have been a great place to stay invested over the past decade. That said, these assets have been historically much more volatile than any other asset since inception. Accordingly, investors looking to play the long game in this sector may want to take some time away from reading daily charts and following the price action on these tokens too closely. Mental health is important.

Today’s price action is indicative of the kinds of dramatic moves to the upside and downside that can happen within the span of a given trading day. While these tokens sank deep into the red this morning, investors did appear ready to buy the dip in the afternoon session, giving hope to investors worried about a lack of buyers in this difficult market.

Moving forward, I’m expecting much more of the same, in terms of volatility. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Bitcoin, Ethereum, and Cardano are turning it around today. Here’s why appeared first on The Motley Fool Australia.

More reading

• Bitcoin price leaps 4% but is the leading crypto due for a big retrace?
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• Australia’s first Bitcoin ETF is listing next week. Here’s what you need to know
• Missed out on Shiba Inu? This crypto could hit $1 million by 2030
• Ethereum uses same energy as the Netherlands. Here’s how it’ll change

Chris MacDonald has positions in Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin and Ethereum. The Motley Fool Australia owns and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Pilbara Minerals Ltd (ASX: PLS) share price is in the green today on the back of the company’s quarterly results.

The ASX lithium producer’s share price is currently $2.70, a 3.65% gain. In contrast, the S&P/ASX 200 Index (ASX: XJO) is up 1% today.

Let’s take a look at what Pilbara Minerals has told the market.

Pilbara Minerals share price jumps on quarterly results

Highlights included:

• Cash balance of $284.9 million, a 16% increase on the previous quarter
• Production of 81,431 dry metric tonnes of spodumene concentrate (dmt), down 2%
• Spodumene concentrate shipments of 58,383 dmt, down 25.8%
• Average spodumene price of US$2,650/dmt.

What else happened during the quarter?

The Pilgan operations contributed to an operating cash flow of $113.9 million due to “positive pricing dynamics”. The company received $169.2 million in customer sales from production at the Pilgan plant with $37.9 million spent on capital activities and $25.1 million repaying a syndicated finance facility.

Pilbara reported lithium prices surged in the March quarter, reaching new record highs. Battery grade lithium carbonate averaged US$76,700 a tonne in March, a 95% increase year to date. In fact, in March 2021, lithium carbonate was trading at just US$13,400 a tonne.

Production volumes were slightly down on the previous quarter due to COVID-19 impacting staff, as well as the tight labour market in general.

A port delay loading a 20,000 dmt cargo had a negative impact on shipments.

The cash balance was also impacted by a debt repayment of $25.1 million and the shipment delay.

The spodumene price is in line with the company’s prior guidance of US$2,600–$3,000 per dmt.

Pilbara also advised it completed its fourth Battery Material Exchange (BMX) auction after the market close yesterday. The company said it will accept the highest bid of US$5,650 per dmt for a 5,000 dmt cargo.

What’s next?

Company managing director and CEO Ken Brinsden will step down by the end of the year. Recruitment agency Derwent is conducting an extensive search for a new CEO. An announcement might be made in the third quarter.

Pilbara has maintained an FY22 production guidance of 340,000–380,000 dmt. However, the company warns that production could be in the lower half of the guidance due to potentially ongoing COVID-19 impacts.

Pilbara Minerals share price snapshot

The Pilbara Minerals share price has surged 134% in the past 12 months. It has lost 23% year to date. Over the past five trading days, the company’s shares have fallen 6%.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned around 4% over the past year.

Pilbara Minerals has a market capitalisation of about $8 billion based on the current share price.

The post Pilbara Minerals share price climbs as lithium prices surge appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• 2 rapidly growing ASX shares that are on sale: experts
• Why is it such a mixed day of trade for ASX lithium stocks?
• Macquarie is tipping another 40% upside for the Pilbara Minerals share price. Here’s why

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The BHP Group Ltd (ASX: BHP) share price has fallen by more than 10% in the last ten days.

As the biggest business on the ASX, the movement of the BHP share price has the most influence on the S&P/ASX 200 Index (ASX: XJO).

After a double-digit fall in a short period of time, is this a chance to buy the dip?

What happened to the BHP share price?

Last week, BHP released its operational update.

BHP told ASX investors that it was reducing its full-year total copper production guidance to between 1,570kt to 1,620kt, reflecting lowered production guidance for Escondida.

BHP also reduced its full-year nickel production guidance to between 80kt to 85k due to COVID-related labour constraints.

Its iron ore production for the three months to 31 March 2022 was 10% lower quarter on quarter to 59.7mt. The company explained that the reduction was due to temporary labour constraints due to COVID-19, train driver shortages, and planned maintenance activities.

The Queensland metallurgical coal business delivered “strong underlying performance” amid record-high prices.

BHP also revealed that its Jansen potash project is “on track, with good progress on the shafts, in the underground mining systems and at the port.”

Inflation may be pushing commodity prices higher, but BHP said it’s working on mitigating increases in its own costs. It noted that market volatility and inflationary pressures have “further increased” because of the Russian invasion of Ukraine. BHP is working on the cost pressures “through a sharp focus on operational reliability and cost discipline”.

It’s expecting conditions to improve during the 2023 calendar year. But the skills shortages and overall labour market tightness in Australia and Chile is likely “to continue in the period ahead.”

Is the BHP share price a bargain buy?

Some brokers think it is. Macquarie is still very positive with an outperform rating and a price target of $60. This is because elevated resource prices should help the ASX 200 mining share keep generating profit. That implies a potential upside of around 30%.

Citi is another broker positive on BHP, with a buy rating. While it recognises that the quarter BHP just reported wasn’t as good as hoped, the resources giant is still making a lot of profit. It increased its price expectations for iron in the shorter term. Citi has a price target of $56 on BHP shares.

But not every expert is convinced. The broker Credit Suisse is neutral on BHP with a price target of $48. UBS is also neutral with a price target of $43. That suggests a possible single-digit decline over the next year. UBS is expecting less profit due to headwinds relating to costs and production. Plus, resource prices could ease in the medium term.

At the time of writing, the BHP share price is $47.68, up 3.65% so far today.

Dividend expectations

Using Credit Suisse’s projections, the Big Australian could pay a 14.5% grossed-up dividend yield in FY22 and 8.6% in FY23.

The post Down over 10% in 10 days: Is the BHP share price a bargain buy now? appeared first on The Motley Fool Australia.

More reading

• Cash generation among ASX 200 iron ore shares will ‘be significant’ in 2022: expert
• Here’s what the 5 biggest companies on the ASX 200 today were worth in 2000
• 3 ASX 200 mining shares defying today’s sell-off to surge higher
• Own the Vanguard Australian Shares High Yield ETF? Here’s what you’re invested in
• Sinking iron ore price sends ASX 200 mining shares tumbling

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Shares of Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) turned sharply lower on Wednesday, falling as much as 5%. As of 1:10 p.m., the stock was still down 2.1%.

The catalyst that sent the tech giant lower was its first-quarter earnings report, which held a few unhappy surprises for investors. 

So what

Alphabet generated revenue of $68 billion, up 23% year over year (up 26% in constant currency). Its operating margin of 30% was consistent with the prior-year period. The search leader delivered net income of $16.44 billion, which resulted in earnings per share (EPS) of $24.62, up just 7%. 

To give some context to that performance, analysts’ consensus estimates were calling for revenue of $68.1 billion and EPS of $25.74, so Alphabet’s revenue was in line with expectations, but profits were lacking. CFO Ruth Porat cited headcount as the primary driver of higher operating expenses. 

Both of Alphabet’s major segments experienced slowing growth, as the Google services segment grew 30%, while the Google Cloud segment climbed 44%, bringing its run rate to more than $23 billion. 

Investors seemed to focus on the tepid results of YouTube advertising, which grew 14% year over year, a far cry from the 49% growth in the prior-year quarter. At $6.87 billion, its ad revenue fell shy of expectations of $6.9 billion, dragged lower by the war in Europe, a suspension of services in Russia, and the increasing draw of TikTok. 

Management announced that the board of directors had authorized an additional $70 billion share buyback, suggesting it believes the share price has fallen too low.

Now what

Investors’ “what have you done for me lately” attitude is a bit perplexing, particularly given the love affair Wall Street was having with Alphabet just three months ago. Its upcoming stock split notwithstanding, there is plenty of growth ahead for the Google parent, as digital advertising takes a growing percentage of overall ad revenue. This reaction also helps illustrate the short attention span of some investors.

Those with a longer-term mindset will no doubt focus on the broad secular trend and the massive opportunity that remains, rather than a single quarter of results, which makes Alphabet an unqualified buy. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Alphabet stock slumped on Wednesday appeared first on The Motley Fool Australia.

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• Have ASX tech shares finally reached the bottom?
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• Could Amazon help you become a millionaire by 2032?

Danny Vena has positions in Alphabet (A shares). Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Aristocrat Leisure Limited (ASX: ALL) share price is pushing higher on Thursday.

In morning trade, the gaming technology company’s shares are up 1% to $32.32.

Why is the Aristocrat share price pushing higher?

The catalyst for the rise in the Aristocrat share price appears to have been a broker note out of Goldman Sachs.

According to the note, the broker has reinstated coverage on the company with a buy and $43.00 price target.

Based on the current Aristocrat share price, this implies potential upside of 33% for investors over the next 12 months.

What did the broker say?

Goldman is feeling very positive on the Aristocrat share price for a number of reasons. This includes its current valuation and very positive growth outlook.

The broker commented: “At current levels, we see plenty of valuation support for ALL, both in absolute and relative terms noting, especially in terms of the double-digit forecast 3yr CAGR EBIT growth out to FY24E which is ahead of the market.”

Goldman expects this strong growth to be underpinned by “its relentless commitment to D&D [design and development] particularly during the pandemic which will deliver medium-term tailwinds” and its “well diversified digital business positioned for longer term structural growth.”

In addition, the broker highlights the company’s huge (and important) opportunity in real money gaming (RMG).

It explained: “We see ALL’s strategic shift into RMG as critical over the medium to longer term given the significant runway of growth and addressable market. We see it as an opportunity to grow overall earnings, with clear synergy benefits from the overlapping content, but more importantly view it as a way to defend against potential cannibalization of its North American land based business.”

All in all, this could make the Aristocrat share price one to consider at current levels.

The post Aristocrat share price higher on bullish broker note appeared first on The Motley Fool Australia.

More reading

• Analysts name 2 ASX growth shares to buy with 30%+ upside
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• Top brokers name 3 ASX shares to buy next week
• Jackpot! Citi tips Aristocrat share price to surge 30% higher

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Audinate Group Ltd (ASX: AD8) share price is climbing today following the company’s release of its trading update.

At the time of writing, the media networking solutions provider’s shares are swapping hands at $6.17, up 9.40%.

What did Audinate announce?

Investors appear pleased with the company’s latest performance, driving up the Audinate share price this morning.

According to its release, Audinate reported robust growth for the March quarter, achieving unaudited revenues of US$6.5 million. While the result reflected a 7.1% decrease over the prior corresponding period (Q3 FY21), management noted it had successfully navigated around the tight chip supply.

As such, supplies of a key chip used in Brooklyn and Broadway products were replenished in March, leading to strong trading conditions in April.

Gross margin stood at 75.8%, although spot inventory purchases are yet to fully flow through to the cost of goods sold.

Audinate stated that while chip supplies continue to be constrained, it has been building its inventory of key chips. Since the end of last year, the company’s raw materials inventory balance has increased by $3.7 million.

Supply of Ultimo chips continues to be modest, constraining the number of units shipped but not significantly impacting FY22 revenue.

Furthermore, Audinate advised demand for Dante products remains strong with sales orders to be fulfilled throughout FY22 and FY23.

Its total backlog of sales orders has increased with the addition of video product orders acquired from Silex.

Management pointed out that its ability to fulfil orders has improved due to improved supply of key chips. However, manufacturing risks associated with an uncertain COVID-19 situation in mainland China remain.

Audinate CEO, Aidan Williams commented:

We have navigated what was expected to be the weakest quarter of FY22 and whilst some supply chain risks remain, we are making good progress in filling demand for Dante by replenishing our inventory of chips.

I am also thrilled to have achieved two major product milestones with the release of IFE and our first video software – both are strategically important achievements for the ongoing growth of Audinate.

Audinate share price snapshot

Over the past 12 months, the Audinate share price has lost more than 70%.

When looking at year to date, the company’s shares have fared worse, down 36%.

Based on today’s price, Audinate presides a market capitalisation of around $434.78 million.

The post Here’s why the Audinate share price is rebounding 9% today appeared first on The Motley Fool Australia.

More reading

• Opportunity knocking? 3 ASX All Ords shares trading at 52-week lows today
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended AUDINATEGL FPO. The Motley Fool Australia has positions in and has recommended AUDINATEGL FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares of Bigtincan Holdings Ltd (ASX: BTH) spiked at the market open this morning, soaring 7.9% to 68 cents after the company released its quarterly earnings update for Q3 FY22.

At the time of writing, ASX investors are paying 66 cents each for Bigtincan shares, up 5.6%.

Let’s take a look at the earnings update.

Bigtincan grows cash receipts 181% year-on-year

• Total quarterly customer cash receipts of $34.3 million, an increase of 181% from Q3 FY21 (yoy)
• Cash operating payments of $33.8 million including Brainshark integration investments
• Operating cash flow positive $500,000 for the quarter. This includes $600,000 in costs related to the integration of Brainshark
• $45.4 million in cash and cash equivalents on the balance sheet.

What else happened this quarter for Bigtincan?

The company notes that it was awarded a gold medal in the 2022 ‘SoftwareReviews Sales Enablement Data Quadrant Buyers Guide Report’.

It was ranked number one by users for its vendor capabilities and product features. The company said, “this level of market validation against direct competitors shows the power for the Bigtincan platform.”

Bigtincan also invested $4.4 million in its systems infrastructure and long-term development. This compares to $4.9 million in the previous quarter. These expenses came on the back of a mammoth 181% jump in customer cash receipts yoy.

Over the quarter, the Bigtincan share price fell by 17%.

What’s next?

Regarding its outlook, the company says that it is on track to “achieve or exceed” $119 million in annual recurring revenue (ARR) and $109 million in revenue for FY22.

The company secured a number of new customers including Lumen Technologies Inc (NYSE: LUMN), Lionco Pharmaceutical Group Co Ltd (SHA: 603669), Informa PLC (LON: INF), Panasonic (TYO: 6752), Genentech, American Express Travel (NYSE: AXP), Takeda Pharmaceuticals Co Ltd (NYSE: TAK), Abbott Laboratories (NYSE: ABT), Guardian, Arctic Wolf Networks, and Clarivate PLC (NYSE: CLVT).

Bigtincan share price snapshot

In the past 12 months, the Bigtincan share price has crumbled by 31%. It is down 37% this year to date, including a 20% drop over the past four weeks.

The post Cash bonanza: Here’s why the Bigtincan share price is leaping 8% appeared first on The Motley Fool Australia.

More reading

• Is this opportunity knocking? 3 ASX shares hitting 52-week lows today
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American Express is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended BIGTINCAN FPO. The Motley Fool Australia has positions in and has recommended BIGTINCAN FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Cettire Ltd (ASX: CTT) share price is in the green following the release of the company’s latest quarterly results.

At the time of writing, the Cettire share price is 76 cents, 3.4% higher than its previous close.

Though, earlier this morning the company’s stock was trading at a high of 88 cents, representing a 19.7% gain.

Let’s take a look at how the online luxury goods retailer performed over the 3 months ended 31 March.

Cettire share price gains 3% as revenue takes off

• $70.3 million of gross revenue – a 178% improvement on that of the prior comparable period
• $48.7 million of sales revenue – a 163% increase
• 246,880 active customers – 185% more than the third quarter of financial year 2021
• Average order value slipped 2% to $682
• Unique website visits increased 269% to reach 13.3 million last quarter

During the March quarter, Cettire fulfilled 99,671 orders, 173% more than it did during the March quarter of financial year 2021. Though, its conversion rate dipped to 0.75% – a 26% drop.

Cettire has recorded gross revenue of $224.4 million over the first 3 quarters of financial year 2022. That’s a 188% year-on-year improvement.

Its sales revenue for the first 3 quarters reached $162.4 million – a 178% increase.

Though, its average order value for the financial year so far has dipped 6% to $702.

What else happened last quarter?

Last quarter was a big one for Cettire.

It launched new mobile applications, with the aim to boost its market penetration, customer experience, retention, and conversion.

The company believes the apps will also widen its customer base and build its global brand awareness.

They provide customers with push notifications, easy checkouts, and customer ‘wish lists’. At the same time, they give the company more opportunities to employ data analytics.  

Last quarter also saw Cettire’s founder and CEO, Dean Mintz, selling down his holding in the company. Mintz sold 35 million Cettire shares for $1.35 apiece.

The company also announced it’s expanding into beauty products and plans to launch in China.

The Cettire share price fell nearly 68% last quarter.

What did management say?

Mintz commented on the company’s latest quarterly results, saying:

Our business continued to grow very strongly through [quarter 3], driven by increased site traffic, substantially higher active customer numbers and repeat purchasers, which represented more than 50% of gross revenues in the quarter.

We have driven improved marketing efficiency and conversion as we exited the quarter …

The launch of our mobile app … further extends our proprietary technology platform, whilst enhancing brand and customer experience …

In the early stages post-release, we are experiencing higher conversion rates and higher [average order value] for on-app purchases versus other channels.

Cettire share price snapshot

Safe to say, 2022 hasn’t been a great year for the Cettire share price so far.

It has fallen 79% year to date. It’s also 56% lower than it was this time last year.

The post Cettire share price surges higher as revenue rockets 178% appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cettire Limited. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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