Bonanza Goldfields Corp (OTCMKTS:BONZ) Stock Rallies After Earnings Update
One of the stocks which could well be in focus among investors this morning is that of Bonanza Goldfields Corp (OTCMKTS:BONZ), which ended up with gains of as much as 12% on Thursday. The stock came into focus yesterday after Marvion, the wholly metaverse blockchain subsidiary of Bonanza, announced its financial results for the third fiscal quarter of 2022.
Trading Data
On Thursday, BONZ stock gained 12.50% to $0.0027 with 6.22 million shares, compared to volume of 676.34K shares. The stock moved within a range of $0.0025 – 0.0032 after opening trade at $0.0028.
Total Revenue for the first nine months of 2022 spikes 3,681% to $6.5 Million as Compared to the Prior Year
In the first nine months of the year that ended on September 30, 2022, Marvion managed to generate revenues to the tune of $6,515,287 and the media inventory on its books amounted to $5.22 million. On the other hand, the comprehensive losses suffered during the period stood at $9.62 million.
However, much of those losses were brought about by the development and technology costs that amounted to as much as $8.73 million. The Chief Executive Officer of Marvion, Raymond Chua, spoke about the company’s performance as well. He noted that the team at the company had worked especially and that had been reflected in the performance.
He added that the company was looking to keep building on the performance so that Marvion could go up to the next level of growth. It remains to be seen if the Bonanza Goldfield stock adds to its gains today or not.
Key Quote
Commenting on the 2022 Q3 results, Raymond Chua, CEO for Marvion, said, “The team has worked hard for the last few months and I think the results speak for itself. We aim to build upon these results to keep Marvion growing to the next level. From the expense perspective, we have been investing quite heavily in technology development and we are confident that these investments will pay dividends in the long run.”
Technical Data
BONZ stock is trading above the 20-Day and 50-Day Moving averages of $0.0023 and $0.0023 respectively. However, the stock is trading below the 200-Day moving average of $0.0033.
