Applied UV (NASDAQ:AUVI) stock is getting a boost on Tuesday after the company released its earnings report for the first quarter of 2023.
The Applied UV earnings report starts with its loss per share of 28 cents. That’s slightly below Wall Street’s estimate of -27 cents per share. It’s also a wider loss than the 16 cents per share from the same period of the year prior.
However, revenue of $10.65 million surprised AUVI stock investors in a pleasant way. It’s a solid beat next to analysts’ revenue estimate of $7.87 million for the quarter. It’s also a massive 217% increase compared to the company’s revenue of $3.4 million from the same time last year.
Max Munn, founder and CEO of Applied UV, said this about the company’s earnings report:
“Q1 2023 was a transformative and pivotal quarter for Applied UV. Cross-market selling opportunities between MunnWorks and LED Supply Co are beginning to ramp as a result of the acquisition, and we fully expect to see further expansion throughout the remainder of the year.”
AUVI Stock Rallies on Earnings
News of the strong revenue growth has AUVI stock seeing heavy trading on Tuesday. As of this writing, more than 3.7 million shares have been traded. To put that in perspective, the company’s daily average trading volume is closer to 124,000 shares.
AUVI stock is up 25.2% as of Tuesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.