NextPlay Technologies Inc. (NXTP) Stock Surges Following Disclosure of Promising Q2 2022 Financial Reports

NextPlay Technologies Inc. (NXTP) stock prices were down by 1,99% as of the market closing on October 21st, 2021. This brought the price per share down to USD$2.46. Subsequent premarket fluctuations saw the stock surge by 22.76%, bringing it up to USD$3.02.

Record Breaking Revenues

The second quarter of fiscal 2022 proved to be a major inflection point for NXTP stock. The company transformed its business through several highly synergistic acquisitions thereby setting the stage for future growth and expansion. Accordingly, the company reported USD$2.6 million in revenues, with forecasts of more than a doubling of its revenues for the third quarter of fiscal 2022. Gross margins are also expected to increase to more than the 51.9% reported for the second quarter of fiscal 2022, as a result of the development of synergies between the company’s divisions.

Building on Success

The company’s M&A activity for the second quarter of fiscal 2022 included the establishment of a new Interactive Digital Media division with the acquisitions of the Hotplay in-game advertising platform. This platform was established at the beginning of the quarter and was followed by the establishment of the Zappware’s Connected TV platform halfway through the quarter. The award winning entertainment media platform extends its reach to tens of millions of devices across Europe, with expansion into Latin America, Asia, and other parts of the world. Hotplay, on the other hand, plugs directly into casual games on set-top boxes, connected TVs, smartphones, tablets, and PCs.

NXTP Stock’s Synergistic Acquisitions

NXTP stock is facilitating the integration of Zappware with HotPlay, which will enable digital advertisers and brands using HotPlay to reach an unprecedentedly massive global Pay TV consumer base. The company expects the addition of Make It Games to further enhance the HotPlay platform with AI-powered video game development technology, resulting in more of a competitive edge. Halfway through the second quarter of fiscal 2022 saw the company acquire IFEB bank, which is now called NextBank International. This acquisition will facilitate the offering of asset banking and management, mobile payments and insurance, and the provision of cryptocurrency services.

Future Outlook for NXTP Stock

NXTP stock is poised to capitalize on the expanded scope of opportunities afforded to it as a result of its recent acquisitions. The company is keen to continue its trajectory of success in a bit to usher in unprecedented growth. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.