The stock of vSkillsoft Corp. (SKIL) gained in the after-hours following the press release of the company’s result of 3rd quarter financial results. The stock valued at $10.40 in the after-hours. This is an increase of more than 4.42% from the previously closed value. At the end of the last trading session the stock closed at $9.96. The volume of the stock traded in the last trading session was around 309.43K.
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Reasons of the stock gain:
On 14th December, 2021, the company announced the results of their 3rd quarter of the fiscal year 2022. The company reported a strong quarterly result and announced growth in the revenue as well as its business.
Third Quarter Financial Highlights of Fiscal Year 2022
- The growth of bookings, Content and Global Knowledge was 7%, 6% and 11% respectively. The combined growth of Content and Global Knowledge was 8% and SumTotal 3%.
- The GAAP revenue for the 3rd quarter was announced to be $171 million. The GAAP net loss was reported to be $43 million.
- The growth of the adjusted revenue was announced to be 6% to reach at $179 million having adjusted EBITDA of $49 million. This is in line with the last year due to investment growth, synergy timing related to the delay in the closing of the Global Knowledge transaction, and also including higher D&O insurance costs.
- The company announced that they were successful in delivering combined Percipio and dual deployment dollar retention rate of approx. 101%.
- They reported a migration to Percipio advance platform having 86% of Skillsoft Content annual recurring revenue on Percipio or Percipio dual deployment, increased from 81% 2nd quarter and 68% in the previous year’s 3rd quarter.
- As of 31st October, 2021, the company had cash and cash equivalents of around $80.67 million.
Effect on the stock:
After the announcement of the financial results by the company the stock of the company surged. The investors were responding positively to the news. The strong numbers in its financial statement made the investors to trust the company’s stock.
Conclusion:
The company results of this quarter were more than it had expected. This significant increase and growth in the business made the company potentially increase its revenue in the future.
