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Checked the market this morning? Then you have probably noticed the $900 million elephant in the room. That’s roughly how much has been erased from the market capitalisation of Beach Energy Ltd (ASX: BPT) as the share price suffers a devastating fall.

At the time of writing, shares in the oil and gas producer are 22.02% lower at $1.31.

What’s dismantling the Beach Energy share price?

Declining production 

The substantial decline in the Beach Energy share price comes after the company provided its results for the third quarter of FY21.

Standing out like a sore thumb, Beach’s production dropped 5% compared to the previous quarter, and 15% lower compared to Q3 FY20. The company attributed this to reduced reservoir performance and natural field decline, predominantly from the Cooper Basin Western Flank oil fields.

Lower customer nominations for the Victoria Otway also dampened production numbers. As a result, Beach Energy recorded 5.89 million barrels of oil equivalent (MMboe) for the quarter.

Partially offsetting the mood in the room, the company managed to increase revenue by 14% to $393 million compared to the prior quarter. The increase in revenue was aided by a higher realised oil price during the quarter. However, on a year-over-year basis, revenue fell 9%.

Major downgrade to oil reserves

Shareholders have been startled by the sudden destabilisation in oil reserve estimates for the company’s Western Flank 2P reserve.

Beach Energy was prompted to conduct an urgent review of its 2P reserves, following production declines. The review’s findings indicate a 13.4-million-barrel net downgrade to the Western Flank oil reserves. Meanwhile, gas reserves suffered a 5.0 MMboe net downgrade.

In total, the reserve writedown equates to roughly 5% of Beach Energy’s 2P reserves. The 2017 acquisition of Lattice assets was drawn upon by the company, stating it had diversified Beach beyond the Cooper Basin.

Consequently, the company withdrew its five-year outlook – rattling the Beach Energy share price. This has led to a reduction in production guidance for FY21, falling to 25.2 to 25.7 MMboe, as opposed to the previous 26.5 to 27.5 MMboe forecast.

More reading

• ASX 200 down 0.6%: ResMed lower on Q3 update, Beach Energy crashes 23%
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• ASX 200 edges higher, Origin crunched, Mineral Resources falls

Motley Fool contributor Mitchell Lawler 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 Pointerra Ltd (ASX: 3DP) share price is unmoved despite the data technology company announcing today it is purchasing a US drone business.

At the time of writing, shares in the company are trading for 67.5 cents each – down 10.6% on yesterday’s close. By comparison, the S&P/ASX 200 Index (ASX: XJO) is 0.62% lower.

Let’s take a closer examination of the acquisition.

What’s going on with the Pointerra share price?

In a statement to the ASX, Pointerra declared it has signed a non-binding agreement to buy US drone-based digital asset management business Airovant LLC.

Pointerra will issue US$1 million in ordinary shares to Airovant, as well as 2 million ordinary shares to each of the four founders of the company being acquired, to complete the procurement.

Airovant is a digital data as a service (DaaS) business for customers wishing to have a “digital representation” of worksites and assets. Using a mixture of 2D images (captured from the ground and the air via drones) and 3D modelling, customers are given “actionable intelligence” to aid in their decision-making around their assets. Between the years 2018 and 2020, Airovant’s annual revenue averaged US $1.4 million and the company had positive cash flow.

In its statement, Pointerra said it made the decision to purchase Airovant after working with the company in the US over the last few years. Along with the actual business, Pointerra highlighted the fact Airovant’s human resources and existing customer base will also become a part of its business.

Investors appear to be unimpressed with the news, judging by the Pointerra share price.

Pointerra says it sees opportunities for further expansion in the US. The company says the growing construction, mining, energy, and other sectors are opportune for it. As well, it says it can benefit from government investment in infrastructure at a local, state, and federal level. Infrastructure spending is key part of the US’ economic response to the COVID-19 pandemic.

Management commentary

Pointerra managing director Ian Olson said:

Attracting the Airovant team to potentially bolster our US and global operations will also deliver new customers, revenue and ACV contribution – we couldn’t be happier with the potential acquisition.

Airovant CEO Jonathan Montague added:

Airovant is thrilled with the opportunity to join the Pointerra team and combine our product lines. Increasingly, critical business decisions are made using digital asset data, which requires an easy to use yet powerful platform solution to enable all stakeholders to make informed decisions around their operations.

Pointerra’s platform technology truly enables the digital experience for asset management that is increasingly performed leveraging remotely accessed solutions in a safe and effective manner. Across multiple verticals, our customers will benefit from the increased capability and expanded feature-sets adding deeper value to their businesses. The integration of Airovant’s core founder team with Pointerra will also synergistically accelerate the growth of segment-specific data solutions within the Pointerra ecosystem.

Pointerra share price snapshot

Over the past 12 months, the Pointerra share price has rocketed 1,710%. Only last week, the company’s value increased by 28% in a day after exceptional sales results for Q3.

Pointerra has a market capitalisation of $509.8 million.

More reading

• What’s happening with the Pointerra (ASX:3DP) share price?
• 3 growing small cap ASX shares to watch
• Why Megaport, Pointerra, Regis Resources, & Zip are charging higher
• Here’s why the Pointerra (ASX:3DP) share price is rocketing 26% higher
• 3 exciting small cap ASX shares to watch

Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Pointerra Limited. The Motley Fool Australia has recommended Pointerra 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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Dubber Corp Ltd (ASX: DUB) shares are surging to an all-time record high today after the company released a record March quarter update. At the time of writing, the Dubber share price is trading a whopping 16.28% higher to $2.50.

Dubber produces cloud-based call recording software designed for service providers and businesses. Its technology can capture calls and conversations automatically, storing them in the Dubber Voice Intelligence Cloud with enriched artificial intelligence (AI) capabilities to allow for instant replays, insightful transcription, sentiment analysis, alerts and notifications. 

Dubber March quarter highlights 

The Dubber share price is rocketing to record highs after the company announced that all key metrics had experienced substantial growth. 

Annualised recurring revenue increased 20% quarter on quarter to $34 million, or 158% on the prior corresponding period. Similarly, revenue increased 54% to $6.6 million from a quarterly perspective and 152% compared to a year ago.

Dubber’s strong growth was driven by a record rate of new users joining, with a 155% year-on-year increase to more than 380,000 subscribers. The company expects user growth to continue to increase significantly in the current quarter with the introduction of its Foundation Partner Program.

In further news boosting the Dubber share price, several of the company’s existing service provider partners will deploy the Dubber platform as a standard feature across their network base. This will provide Dubber with a large-scale customer reach into end-user accounts for jointly up-selling additional services. 

During the quarter, the Dubber platform went live with three AT&T networks that target large enterprise, government, education, and business clients. The company is seeing a positive uptake in its software-as-a-service (SaaS) monthly subscription users and services.

Dubber’s unified call recording (UCR) feature has continued to make headway with previous partnership/integration with Microsoft Teams and Cisco’s Webex, and availability on Zoom this quarter. This allows for secure compliance and voice intelligence call recording for the respective meeting rooms.

Dubber believes it will be a significant beneficiary of telecommunication services increasingly moving to a cloud environment.

Management commentary 

Dubber CEO Steve McGovern commented on the company’s results, saying: 

We are delighted to have delivered such a strong quarter, achieving outstanding growth in all of our key metrics. The company is very well positioned to continue to take advantage of the major shift towards cloud based and ‘work from anywhere’ communications we are seeing in all our geographies. Governments and businesses understand the need to act on the requirement to capture conversations and voice data across their entire business.

Ever expanding requirements to record and store conversations for proactive compliance and dispute resolution, and, revenue, customer and personnel intelligence all continue to drive the need for voice data and intelligence at scale. We remain very positive as to Dubber’s growth and leadership

Head above the clouds for the Dubber share price

The Dubber share price was a test of patience between late November 2020 and April 2021. Despite a continuous stream of positive news, the company’s shares continued to move back and forth between highs of $1.85 and lows of $1.45 between this period. 

Its shares finally pushed above its trading range after the announcement of its collaboration with Zoom on 14 April. Year to date, the Dubber share price has surged by nearly 43%. Over the past year, the company’s shares have rallied by almost 175%. 

More reading

• Why Dubber, Mesoblast, PointsBet, & Sezzle shares are storming higher
• Why the Dubber (ASX:DUB) share price just smashed its all-time high
• Westpac (ASX:WBC) and these ASX shares have just hit 52-week highs
• Why BrainChip, Dubber, Galaxy, & Resolute shares are charging higher
• Why the Dubber (ASX:DUB) share price is breaking out into record highs

Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Microsoft and Zoom Video Communications. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Dubber. The Motley Fool Australia has recommended Zoom Video Communications. 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 Piedmont Lithium Ltd (ASX: PLL) share price is sliding, down 6.6% in late morning trade.

It’s the first day of losses in some time for Piedmont Lithium’s shareholders, with the ASX lithium share posting gains for the past 6 consecutive days.

Below we take a look at the company’s latest activity report for the quarter ending 31 March.

What did Piedmont Lithium report?

The Piedmont Lithium share price is falling despite the company reporting positive results over the quarter.

Those include a 40% increase in the ASX lithium miner’s total Mineral Resources at its Piedmont Lithium Carolinas project in the United States. Total Mineral Resources at the project were upgraded to 39.2 million tonnes (at a grade of 1.09% LI2-O). 55% of that is classified in the Indicated category.

Piedmont underwent a significant expansion of its senior management team over the quarter. Among those, David Klanecky was appointed Executive Vice President and Chief Operating Officer. Klanecky has extensive experience in hard rock lithium mining and chemical processing activities.

The company completed a US$122.5 million (AU$159.1 million) capital raising on 24 March via a US public offering.

And it entered into agreements to acquire 19.9% of Sayona Mining Ltd (ASX: SYA) along with a 25.0% interest in its subsidiary, Sayona Quebec. Sayona Quebec owns a number of “highly prospective” lithium projects in North America.

The company also opted (following its shareholders’ approval) to move its primary listing to the Nasdaq, while maintaining its ASX listing via Chess Depositary Interests (CDIs).

Commenting on the past quarter, Piedmont’s CEO said:

This was an eventful quarter, as we positioned Piedmont to be the United States’ first greenfield lithium project in over 50 years… Piedmont is at the nexus of two important megatrends – the electrification and decarbonisation of the economy, and the regionalisation of supply chains.

Piedmont Lithium share price snapshot

Despite sliding today, the Piedmont Lithium share price remains up an eye-popping 820% over the past 12 months. That blows the doors off the 30% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date the Piedmont Lithium share price has continued to shoot for the stars, up 147% so far in 2021.

More reading

• ASX lithium shares are surging across the board. Here’s why
• Why the Piedmont Lithium (ASX:PLL) share price is pushing higher
• These ASX shares have doubled in value in 2021

Motley Fool contributor Bernd Struben 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 Family Zone Cyber Safety Ltd (ASX: FZO) share price has edged lower despite announcing a strong set of March quarter results and future growth initiatives. 

At the time of writing, the Family Zone share price is down 1.52% to 51 cents per share.

Family Zone March quarter highlights 

Despite the lack of traction for the Family Zone share price in 2021, the company has continued to tick off a number of financial and operational milestones.

Family Zone achieved strong sales growth in what it is typically a quiet March quarter. The company ended the quarter with a 135% year-on-year increase in contracted schools to 3,135 or a 136% increase in contracted students to 1.65 million. The signed contracts were worth an annual value of $1.8 million or 92% higher than a year ago. 

Beyond its financial results, the company announced that it had commenced marketing in the Canadian education market, achieving its first deal this quarter. 

All eyes on US market 

Looking ahead, the company eyes a launch in the significant United States market. Family Zone managing director Tim Levy commented on the opportunity.

“The massive US education market is enjoying unprecedented increases in funding. We’re entering the key US sales period, well organised having invested in growing our team to be ready to handle a record sales pipeline,” he said.

Last quarter, the US government finalised US$54 billion of funding for the education sector through its 2021 COVID-19 response and relief supplemental appropriations act. This funding is expected to be drawn down over a number of years, which provides a buoyant outlook for Family Zone’s cyber safety industry. 

The company has run a number of small trials in the US over the past 6 months and highlights an impressive 17.5% conversion of free customers to paid premium offerings. Family Zone plans for a soft launch in the US this quarter with a full launch planned for the September quarter. 

The company notes that it is well funded to execute on its growth strategies with $20.4 million in cash at the end of the quarter. 

Family Zone share price takes a breather in 2021

The Family Zone share price has been chopping back and forth around the 40 to 50 cent level since August 2020. This follows a spectacular 300% run from 15 cents in June 2020 to a high of 63 cents in August 2020. 

More reading

• Why the Family Zone (ASX:FZO) share price will be on watch this morning

Motley Fool contributor Kerry Sun 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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At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a disappointing decline. The benchmark index is down 0.6% to 7,038.7 points.

Here’s what has been happening on the market today:

ResMed Q3 result falls short of expectations

The ResMed Inc. (ASX: RMD) share price is tumbling lower on Friday after its third quarter results fell a touch short of expectations. For the three months ended 31 March, the sleep treatment medical device company reported revenue of US$768.8 million and an operating profit of US$223.4 million. This represents a 0.1% decline and 3% increase over the same period last year. The prior corresponding period benefited greatly from strong COVID-19-related ventilator sales.

Beach Energy share price crashes

The Beach Energy Ltd (ASX: BPT) share price is crashing lower today after the release of an update. According to the release, Beach has downgraded its FY 2021 production guidance to between 25.2 MMboe and 25.7 MMboe from between 26.5 MMboe and 27.5 MMboe. The company also withdrew its five-year outlook. This is due partly to reductions in the Western Flank oil and gas production profile.

PointsBet impresses

The PointsBet Holdings Ltd (ASX: PBH) share price is charging higher today following the release of its third quarter update. For the three months ended 31 March, the sports betting company reported a 236% increase in turnover to $905.2 million. This was driven by a 137% jump in Australian turnover to $423.2 million and a 431% increase in US turnover to $482 million. Pleasingly, its net win grew even quicker. PointsBet reported a net win of $64.9 million, which was up 246% on the prior corresponding period.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the PointsBet share price with a gain of almost 6% following its third quarter update. Unsurprisingly, the Beach share price is the worst performer on the index with its 23% decline. The surprise downgrade and removal of its five-year outlook has sent investors to the exits in their droves.

More reading

• Why ASX lithium shares like Orocobre (ASX:ORE) soared in April
• Why Dubber, Mesoblast, PointsBet, & Sezzle shares are storming higher
• Not too late to buy these small ASX mining shares for the commodities boom
• PointsBet (ASX:PBH) share price jumps on strong Q3 update
• These ASX 200 shares are tracking the Aussie economy higher in 2021

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and ResMed Inc. 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 CIMIC Group Ltd (ASX: CIM) share price edged higher in early trade before retreating again, down 1.2% at the time of writing. This comes after the building company’s latest quarterly update.

What’s impacting the CIMIC share price?

CIMIC reported comparable group revenue flat on the prior corresponding period (pcp) at $3.4 billion with no material impact from the coronavirus pandemic. 

The Aussie building group also reported higher earnings before interest, tax, depreciation and amortisation (EBITDA) margin at 10.0%. That was largely thanks to cost reduction initiatives during the quarter.

The CIMIC share price could be worth keeping an eye on today after reporting net profit after tax of $100 million for the quarter.

Free operating cash flow pre-factoring improved by $106 million compared to Q1 2020 and quarter on quarter improvement. CIMIC said the company’s FY21 focus is on “managing working capital, generating sustainable cash-backed profits and a rigorous approach to tendering, project delivery and risk management”.

CIMIC also said the Greensill fallout has no impact on the company or its supply chain finance. 

The company reported new work in hand of $30.2 billion. Significant government stimulus in Construction and Services markets have helped boost the company’s business in the first quarter.

FY2021 guidance

The other big news that could impact the CIMIC share price was this morning’s guidance announcement. CIMIC has maintained its FY2021 net profit after tax forecast at $400 million to $430 million. That’s on the back of the strong work pipeline, up $1.2 billion year on year.

CIMIC CEO Juan Santamaria said, “We are well-positioned in growth markets, with attractive tailwinds from the COVID-recovery infrastructure spending and a backlog of services and maintenance work”.

The CIMIC share price has climbed more than 1% in early trade following the quarterly update. CIMIC reported a strong balance sheet position with $3.7 billion in liquidity at quarter-end.  Shares in the Aussie building group are trading at$18.69, down 23% year to date.

More reading

• Here’s why the Cimic (ASX:CIM) share price is pushing higher today

Motley Fool contributor Ken Hall 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 iCandy Interactive Ltd (ASX: ICI) share price is backtracking in mid-morning trade. This comes despite the company announcing the successful completion of a trial for its new Claw Stars game.

At the time of writing, the games and digital entertainment company’s shares are fetching for 9.4 cents, down 6%.

Strong results from trial

Investors appear unfazed by the company’s latest update, sending iCandy shares lower.

In its announcement, iCandy advised that throughout the early-trialling of Claw Stars, its studio team were receiving feedback from gamers. In response, iCandy’s developers made changes to the game-play and mechanics, learning from past experience with Masketeers.

As a result, Claw Stars recorded the highest ever retention rate, achieving day-1 and day-7 of 46% and 18%, respectively. In comparison, Masketeers reached retention rates during its early access trial of 37% and 8% over the same time frame.

iCandy noted that retention rates are an important metric to measure how well a game will perform when launched. The mobile gaming industry considers retention rates as an early indicator of a game’s future revenue potential. While only day-1 and day-7 were recorded, the company explained that longer duration retention rates are not normally tracked. This is because the mobile game genre falls under a causal mobile game in which consumers pick up from time-to-time.

Claw Stars is scheduled to launch worldwide in June 2021, with pre-orders and pre-registrations already being accepted. So far, over 78,000 pre-orders have been made within the first week. iCandy stated that the game will be available on both the Apple App Store and the Google Play Store.

About the iCandy share price

The iCandy share price has gained more than 320% over the past 12 months and has fallen 25% year-to-date. The company’s shares reached a high of 23.5 cents in November 2020, before weak investor sentiment kicked in.

Based on the current share price, iCandy has a market capitalisation of roughly $53 million, with 578.9 million shares outstanding.

More reading

• Why ASX lithium shares like Orocobre (ASX:ORE) soared in April
• Why the Novatti Group (ASX:NOV) share price is tumbling 5% today
• Why Dubber, Mesoblast, PointsBet, & Sezzle shares are storming higher
• Why the Boss Energy (ASX:BOE) share price is charging higher
• Santos (ASX:STO) share price dips despite completed sale

Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Apple and recommends the following options: short March 2023 $130 calls on Apple and long March 2023 $120 calls on Apple. The Motley Fool Australia has recommended Apple. 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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ASX lithium shares have had a good month. Market leaders like Orocobre Ltd (ASX: ORE) have seen their valuations surge as investors clamber to get their hands on company shares.

So, what’s driving the latest lithium share price surge on the Aussie share market?

Why ASX lithium shares surged in April

Resources shares of any kind are always going to be tied to the underlying commodity price. If global commodity prices are weak, it’s tough to boost sales revenue given supply-demand factors need to be evaluated.

It’s no different for ASX lithium shares. Supply disruptions in Chile have created strong market conditions for Aussie producers and April saw a lithium price surge. This helped push the valuations of Orocobre, Pilbara Minerals Ltd (ASX: PLS) and Galaxy Resources Ltd (ASX: GXY) up.

The Orocobre share price climbed 42.5% in April while Pilbara and Galaxy shares surged 10.5% and 54.6%, respectively. Pilbara shares struggled to keep pace after port delays left the company’s final March shipment partially completed. Pilbara’s March quarter spodumene concentrate shipments were broadly flat at 71,229 dry metric tonnes.

Data from battery supply chain research and price reporting agency Benchmark Mineral Intelligence showed strong lithium price gains. In fact, the lithium carbonate CIF Asia price rose 11.1% in March with spodumene (6%) prices up 17.4% for the month. The price jump to US$10,000 per tonne represents the biggest monthly increase since January when the price discovery began. 

Strong electric vehicle and broader auto sales have helped push demand levels up in early 2021. That demand rally has coincided with strong gains for ASX lithium shares like Orocobre.

Global ratings agency S&P Global noted there are signs prices are nearing a peak, however, with an improving supply outlook. That means shares in the likes of Galaxy and Orocobre could be worth watching in May.

Foolish takeaway

ASX lithium shares have rocketed higher to start the year. All three of Galaxy, Orocobre and Pilbara Minerals are currently outperforming the S&P/ASX 200 Index (ASX: XJO) with double-digit gains in March.

Strong pricing conditions have helped propel these valuations higher despite signs of improving supply conditions in the global market.

More reading

• Not too late to buy these small ASX mining shares for the commodities boom
• These ASX 200 shares are tracking the Aussie economy higher in 2021
• 5 things to watch on the ASX 200 on Friday
• ASX 200 rises, Woolworths falls, Fortescue was flat
• Why ASX 200 oil shares are eyeing US$80 per barrel Brent crude prices

Motley Fool contributor Ken Hall 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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Novatti Group Ltd (ASX: NOV) shares are tumbling in late morning trade after the company released a quarterly trading update. At the time of writing, the Novatti share price is trading 5.43% lower at 61 cents. 

This comes following yesterday’s tremendous performance, which saw the company’s share price leap 31.6% higher by the closing bell.

ASX investor enthusiasm was sparked by the revelation that Novatti had been selected by buy now, pay later giant Afterpay Ltd (ASX: APT) to deliver its digital payment solution in New Zealand.

Below we take a look at the latest quarterly report from the digital banking and payments company.

What did Novatti report?

The Novatti share price is moving lower today despite the company reporting it earned $4.15 million in revenue for the quarter, its highest quarterly revenue yet. Year on year, quarterly sales revenue was up 37% and up 9% from the previous quarter.

Payment processing revenue was the stellar performer. Novatti reported in excess of $3 million in payment processing revenue. The quarter ending 31 March now makes 8 consecutive quarters of record payments from its processing revenue.

Novatti held $6.1 million in cash at the end of the quarter. The company stated it will continue to direct its cash flow towards accelerating its growth strategies. Its new banking business is a cornerstone of its long-term growth plans.

Commenting on the results, Novatti managing director, Peter Cook said:

It was clear across the March quarter that our efforts over past years to develop our digital banking and payments ecosystem is paying off, as new and innovative players continued to turn to Novatti to bring their fintech offerings to market. This was particularly evident with the launch of both LITT and Lifepay. This momentum also continued after the end of the March quarter as we announced the first monetisation of our partnership with global payments disrupter Ripple, which sees Novatti now process cross-border transactions for a leading remittance provider in the Philippines.

These partnerships all provide new potential review opportunities for Novatti going forward. We also continue to strengthen our digital banking and payments ecosystem to ensure we capture future growth opportunities.

Looking ahead, the company forecasts continuing tailwinds with the ongoing global shift to cashless and digital payments, along with the development of new and emerging markets.

Novatti share price snapshot

Despite today’s slide, long-term Novatti shareholders will have little to complain about. Over the past 12 months, the Novatti share price is up 218%, far surpassing the 30% gains posted by the All Ordinaries Index (ASX: XAO).

Year to date, Novatti shares have continued to rocket, up 133% so far in 2021.

More reading

• Novatti (ASX:NOV) share price rockets 27% on Afterpay deal
• Why the Novatti (ASX:NOV) share price is soaring 5% today

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T 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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