TSR, Inc. (TSRI) stock gained significantly in the current market after the company announced its results for the 2nd quarter of 2022. The stock of TSR, Inc. (TSRI) was valued at $11.15 gaining more than 28.75% from the previously closed value. At the end of the last trading session, the stock closed at $8.66. The volume of the stock traded in the last trading session was around 33.23K shares.
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Reason for the stock gain
TSR, Inc. (TSRI) is an information technology consultancy and recruiting services providing company. They announced in a press release its financial results for the 2nd quarter ended on November 30, 2021.
- The revenue of the company gained 48.5% to reach $23.9 million. The revenue of the 2nd quarter of last year was $16.1 million.
- Net income of the 2nd quarter was $243,000. Last year in the 2nd quarter the company reported a net loss of ($247,000).
- As of the 2nd quarter the company reported cash and cash equivalents of $6.3 million and less than $50,000 in debt, reported a strong balance sheet.
- The staffing services demand remained strong in the 2nd quarter. Due to organic growth from new and existing customers, their revenue gained by 48.5% for the 2nd quarter.
- The Operating income of the company in the 2nd quarter was $415,000. Last year the company reported an operating loss of $223,000.
Effect on the stock
As soon as the report of its financial statement got public, its stock surged in the market. The company reported a significant increase in revenue as well as net income. The company also reported a strong balance sheet due to which investors were investing heavily in its stock. The trading volume is very high than usual.
Conclusion
The company seems to be going in the right direction as it reported a strong balance sheet and income statement. The company anticipates states that if it went at the same pace the growth of the company will be phenomenal.
