Pop Culture Group (NASDAQ: CPOP) stock soared over 80% in intraday trading Thursday following the release of an interim financial report. The report highlighted a notable uptick in overall operational performance during the latter half of 2023.
Pop Culture Group (CPOP) recently reported interim financial results for the six months ended December 31, 2023, demonstrating substantial growth in revenues and gross profits. The company’s consolidated revenues for this period soared to around $24 million, an increase of $12.75 million from last year, reflecting a 113% year-on-year growth.
During the second half of 2023, Pop Culture Group achieved a remarkable turnaround in its consolidated gross profit. The company transitioned from a deficit of $2.34 million to a profit of $1.78 million, signaling a positive shift in its financial performance.
The company expects business operations in certain film and television projects will drive its business expansion and growth. These projects include “The Legend of the Condor Heroes: The Legend of Qiao Feng” and “The Legend of the Swordsman”. In addition, the company plans to stage the “Superstar Concert” series soon.
Looking ahead to fiscal year 2024, Pop Culture Group expects comprehensive development in the entertainment and street dance sectors. CEO Huang Zhuoqin emphasized the significance of 2024 as a pivotal year for the company’s growth, particularly with street dance making its debut in the Olympic Games for the first time.
Pop Culture Group (NASDAQ: CPOP) Stock Movement
CPOP stock skyrocketed 83.53% to close at $3.12 on Thursday. Its value increased by 92.59% this week. Trading activity has witnessed 76,821,277 (76.82 million) shares changing hands, well above the average daily volume of 2.55 million.
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