AGBA Group (NASDAQ:AGBA) stock is taking off on Monday following the release of its latest earnings report.
A big piece of news investors are celebrating is the Hong Kong financial services company’s revenue reaching $17 million in the second quarter of 2023. That marks a major 325% increase compared to the same period of the year prior. It’s also up 57% compared to Q1 2023.
According to AGBA Group, this strong revenue is the result of its focus on the Greater Bay Area market in Southern China. The company says it intends to continue with its long-term growth strategy in this area, as well as in other regions.
Wing-Fai Ng, President of AGBA Group, said the following in the earnings release:
“We understand there is a lot of noise in relations to the economic recovery and geopolitical sensitivity of China, all of us at AGBA continue to work hard to execute and deliver for our shareholders and our customers. We remain very optimistic for the outlook of the second half of the year.”
AGBA Stock Outlook
AGBA Group claims that recovery in China is ongoing as it looks for more tourism and private consumption for the second half of 2023. The company notes that both of these markets have yet to recover to pre-Covid-19 levels.
AGBA stock is seeing heavy trading this morning, with some 4 million shares on the move. For the record, its daily average trading volume is about 380,000 shares. That has the stock up 36.8% this morning.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news for Monday morning! A few examples include the biggest pre-market stock movers today, the latest news concerning WeWork (NYSE:WE) stock, and more. All of that news is ready to go at the links below!
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On the date of publication, William White did not have (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.
