Treasure Global (NASDAQ:TGL) stock is taking a beating on Thursday following the release of the e-commerce company’s earnings report for its fiscal second quarter of 2024.
The bad news for TGL stockholders comes from the company’s revenue of $6.7 million during the quarter. That’s nowhere close to Wall Street’s revenue estimate of $18.4 million for the quarter. It’s also a major drop from the $20.4 million reported in the same period of the year prior.
On the flip side of that is Treasure Global’s adjusted earnings per share of -3 cents. That’s better than the -8 cents per share that Wall Street was expecting. It’s also an improvement over its fiscal Q2 2023 adjusted EPS of -12 cents.
Treasure Global CEO Sam Teo said the following in the earnings report:
“Throughout the second quarter, TGL took steps that I believe have strengthened the Company, allowing us to invest in further innovation. These steps included our $4 million public offering and signing an agreement to retire our corporate debt.”
Recent TGL Stock Movement
Treasure Global stock has been on a wild ride these last couple of days. The company’s stock rallied 60.4% yesterday in anticipation of its earnings report. That also saw some 120 million shares change hands, as compared to a daily average of 6.8 million shares.
Now that this earnings report is out, shares of TGL stock are down 37.8% on Thursday morning. That comes alongside 4.4 million shares of the stock being traded.
Investors looking for all of the hottest stock market stories are in the right place!
InvestorPlace is home to all of the latest stock market news worth reading about on Thursday! A few examples include why shares of China Natural Resources (NASDAQ:CHNR) and JX Luxventure (NASDAQ:JXJT) stock are up today, as well as a breakdown of the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!
More Thursday Stock Market News
- Why Is China Natural Resources (CHNR) Stock Up 202% Today?
- Why Is JX Luxventure (JXJT) Stock Up 380% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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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.
