Phunware Inc (NASDAQ:PHUN) Stock Ticks Up After Report Quarterly Earnings

On Thursday, Phunware Inc (NASDAQ:PHUN) was among the companies which announced its financial results for the third fiscal quarter and the performance from the company seems to have excited investors.

Market Stats

On Thursday, PHUN stock moved up 0.26% at $3.91 with more than 14.01 million shares, compared to its average volume of 26.95 million shares. The stock has moved within a range of $3.8600 – 4.0400 after opening the trade at $3.93.

Earnings Recap

The stock has been on the move during the premarket trading period and at the time of writing, it has managed to clock gains of as much as 5% so far. The stock is likely to be in focus among investors this morning as well. Hence, it might be a good move to take a closer look at its performance in the third quarter.

Phunware managed to bring in as much as $400000 in the form of net income in the quarter and that was primarily due to the rising demand for its MaaS (Multiscreen as a service) Platform services and subscriptions.

The net income on a per share basis came in at $0.01. The revenues for the third fiscal quarter stood at $2.2 and out of that as much as $1.8 million was generated through $1.8 million worth of sales from MaaS. On a sequential basis, Phunware managed to generate organic growth of as much as 50% and it goes without saying that it was a strong performance.

Key Quote

“We are extremely excited to post 50% sequential organic growth in net revenues quarter-over-quarter, demonstrating that we are now reaping the benefits of our direct and indirect go-to-market strategies for our MaaS enterprise cloud platform for mobile,” said Phunware CEO Alan Knitowski in a statement.

Traders Corner

PHUN stock is above the 200-Day and 50-Day Moving averages of $1.68 and $2.13 respectively. Moreover, the stock is trading above the 20-Day moving average of $3.68. The stock is up 330% in the past month.