Datasea (NASDAQ:DTSS) stock is seeing an absolutely massive rally on Wednesday after the technology and information company released its earnings report for its fiscal second quarter of 2024.
Leading this earnings report is the company’s revenue of $11.3 million for the quarter. That’s an incredible jump compared to its $131,459 in revenue from the same period of the year prior.
Datasea CEO Zhixin Liu said the following about the company’s amazing revenue growth:
“The increase in revenue during the quarter was mainly due to an increase of our 5G multimodal communication business in China where we signed a number of significant 5G multimodal communication service agreements. Our sales team vigorously and effectively promote our products where we focus on the needs of our customers and constantly optimize and improve our products and services.”
The Datasea earnings report also included diluted EPS of -72 cents. That’s an improvement from the -80 cents per share reported the same time last year.
DTSS Stock Movement on Wednesday
Investors in DTSS stock are extremely pleased with the company’s earnings report. That has shares of Datasea seeing heavy trading on Wednesday. As of this writing, more than 67 million shares have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 69,000 shares.
DTSS stock is up 961.7% as of Wednesday morning.
Investors looking for more of the most recent stock market stories are going to want to keep reading.
We have all of the latest stock market stories that traders need to know about on Wednesday. Among that is what’s happening with shares of Plug Power (NASDAQ:PLUG), Lyft (NASDAQ:LYFT) and Intuitive Machines (NASDAQ:LUNR) stock today. All of that news is available at the following links!
More Wednesday Stock Market News
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- LYFT Stock Jumps 35% Despite False Guidance Scare
- Why Is Intuitive Machines (LUNR) Stock Moving Today?
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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.
