Chanson International Holding (NASDAQ:CHSN) Stock Soars 32%: Here is Why
On Monday, the Chanson International Holdings (NASDAQ:CHSN) stock was one of the eye-catching movers as it clocked gains of 32%. Although there was no material news about the company, it seemed investors were interested in the stock, and it remains to be seen if that is the case today.
In such a situation, it could be a good idea to have a better idea about the company and its latest financial results. The company is involved in providing seasonal, bakery, and beverage products through its chain of stores located in the United States and China.
On October 6, the company announced its unaudited financial results for the six months that had ended on June 30, 2023. Chanson International generated revenues of $8.8 million in the six-month period, which worked out to a rise of 3.1% from the $8.5 million it had generated in the prior-year period.
The gross profits were $4.3 million, which worked out to a year-on-year boost of 4.5% from $4.1 million in the same period last year. The company generated a net income of $0.3 million for the half-year, which was an improvement on the $0.2 million it generated in the corresponding period in 2022. Basic and diluted earnings went up to $0.03 a share as opposed to $0.02 a share in the prior-year period.
Chanson International noted that the rise in revenues had been a function of higher revenues from the stores located in China. Those revenues had been the reason why the slight decrease in revenues from the stores in the United States had been offset. In that period, the revenues generated from the China stores came in at $7 million, which worked out to an increase of 4.5% from the revenues of $6.7 million in the prior year period.
