STBX Stock Experiences Growth in Advertising and Cash Rebate Services

Starbox Group Holdings Ltd (STBX) a leading cash rebate, digital advertising, and payment solution business based in Malaysia, announced their earnings for the fiscal year 2022 yesterday. STBX stock reported a total revenue of $7.2 million, an impressive increase of 127.2% from the previous fiscal year. This resulted in an income from operations of $5.0 million, a rise of 131.3% from the previous year. The company also saw a significant increase in net income, with a total of $3.6 million, a rise of 148.8% from the previous year. The company attributed its success to the continued growth in number of advertisers, members, merchants and transactions facilitated through its GETBATS website and mobile app.

Analysis of Revenue and Operating Costs

STBX Stock Performance analysis

Starbox Group Holdings (STBX) reported a total revenue of $7.2 million, a significant increase of 127.2% from the previous fiscal year. Income from operations also saw a significant increase, reaching $5.0 million, a 131.3% increase from the previous fiscal year. Net income also saw a significant increase, reaching $3.6 million, a 148.8% increase from the previous fiscal year.

The company attributed the increase in revenue to the growth in its digital advertising and cash rebate services. The number of advertisers for the company’s services also saw a significant increase in fiscal year 2022, contributing to the overall increase in revenue. The company also reported an increase in the number of members and merchants on its GETBATS website and mobile app, as well as an increase in the number of transactions facilitated through the platform.You might also like to read about Top OTC Penny Stocks making headlines in 2023.

Operational Highlights

The company also reported an increase in operating costs, primarily due to increases in salary and employee benefit expenses, professional and consulting service fees, marketing and promotional expenses, and website and facility maintenance expenses. However, the company’s provision for income taxes also saw an increase, reaching $1.4 million, a 103.3% increase from the previous fiscal year.

STBX Stock Intraday Trading Performance

Starbox Group Holdings Ltd. (STBX) began Wednesday’s trading session at $3.03, reaching an intraday high of $3.0619 and an intraday low of $2.91. Despite the volatility, the stock maintained a relatively low trading volume, recording only 0.74 million shares traded, significantly lower than the average daily trading volume. This indicates a lack of investor interest or activity in the stock. With a current market capitalization of $134.29 million, it will be interesting to see how the stock performs in the coming days.

Starbox Group Holdings Ltd: Overview and Recent Financial Developments

Starbox Group Holdings Ltd. (STBX) is a cash rebate, digital advertising, and payment solution business ecosystem that was founded in Malaysia in 2019. The company’s primary focus is on micro, small, and medium-sized enterprises that lack the resources to develop their own data management systems for effective marketing. Starbox Group Holdings Ltd. connects retail merchants with retail shoppers to facilitate transactions through cash rebates offered by retail merchants on its GETBATS website and mobile app. The company also provides digital advertising services to advertisers through its SEEBATS website, mobile app, GETBATS website, and mobile app, as well as social media. Additionally, the company provides payment solution services to merchants.

The company closed its IPO of 5,375,000 Ordinary Shares at a public offering price of $4.00 per share and received gross proceeds of $21.5 million, with net proceeds of $18.8 million after deduction of offering costs and listing on The Nasdaq Capital Market on August 23, 2022.

Starbox Group Holdings Ltd completed a private placement on November 3, 2022, issuing and selling 9,000,000 Ordinary Shares to four investors at $1.40 per share, receiving gross proceeds of $12.6 million before deducting expenses.

As of the date of the annual report, the company’s largest shareholders were Choo Teck Hong, Zhang Yong, Liu Jun, Chen Han-Chen, and Chen Xiaoping, each holding 3.6 million shares, as well as 13 other shareholders each holding less than 5% of the company’s shares.

Conclusion

In conclusion, Starbox Group Holdings Ltd. reported strong financial results for fiscal year 2022, with significant increases in revenue, income from operations, and net income. The company’s digital advertising and cash rebate services were major contributors to the financial growth, as well as the increase in the number of advertisers, members, and merchants on its GETBATS platform. Despite an increase in operating costs, the company’s financial performance remains strong, positioning the company well for future growth and expansion.

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