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Friday, Jun 9, 2023

Earnings Roundup: NetSol, Point.360

NetSol Technologies Inc. reported higher than expected revenue, but still missed earnings estimates for its fiscal third quarter. The Calabasas tech company reported net income of $1.6 million (19 cents a share) in the quarter ended March 31, compared with $1.7 million (27 cents) in the same period a year earlier. Revenue rose 17 percent to $12.8 million. Analysts projected earnings of 21 cents a share on revenue of $11.9 million, according to Thomson/First Call. The firm said it had made significant equipment purchases and infrastructure upgrades during the quarter, as it expands its reach in China. Shares closed up $1.43, or 12 percent, to $10.65 on the Nasdaq. Point.360 reported slightly lower fiscal third quarter results caused by delays in the rollout of its small video rental store concept. The Los Angeles digital media company reported net income of $150,000 (1 cent a share) in the quarter ended March 31, compared to a loss of $327,000 (-3 cents) for the same quarter a year earlier. Revenues fell 2.4 percent to $8.3 million. No analysts follow the company. By the end of summer, the company expects to open two new Movie>Q video rental stores, but delays in the openings had forced it to cover least costs on three stores yet to open. Shares closed up 1 cent to $1.49 on the Nasdaq.

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