Mastermind Inc. (OTCMKTS:MMND) Stock Takes a Hit After Quarterly Earnings
Mastermind Inc. (OTCMKTS:MMND) fell 17% after announcing financial results for its fiscal quarter ended December 31, 2021, and FY 2021 ending September 30, 2021.
Market Stats
On Tuesday, MMND stock slumped 17.46% to $0.1147 with more than 10K shares, compared to its average volume of 41K shares. The stock moved within a range of $0.0901 – 0.1147 after opening trading at $0.0901.
Earnings Recap
The company reported a gross profit of $533,457 during the quarter representing a YoY increase of 4%. Net income in fiscal 2021 was up 957% YoY to $62,211. In addition, the company witnessed an increase in stockholder equity to $50,935 during the first quarter.
The company’s Chief Executive Officer Dan Dodson stated that they are starting to see client marketing expenditures loosening, even though they seem to be conservative relative to pre-pandemic levels. Interestingly, Mastermind remains enthusiastic about revenue potential from mobile activities that certain clients are considering.
Dodson explained that the first fiscal quarter, which ended on December 31, 2021, is normally slower in terms of net income, but Mastermind had a net income of $46,435 for the quarter, relative to $4,739 for the previous year’s equivalent period. Therefore, investors should keep an eye on MMND in the coming weeks.
Key Quote
Dan Dodson, CEO of Mastermind, commented, “We are beginning to see some loosening of client marketing budgets, but they still remain conservative compared to pre-pandemic levels. We remain optimistic regarding revenue growth from mobile initiatives that are being considered by certain clients. The first fiscal quarter ended 12/31 is typically slower from a net income standpoint, however our Net Income was $46,435 for the quarter compared to $4,739 for the comparable period of the previous year.”
Traders Corner
MMND stock is trading above the 50-Day and 100-Day Moving averages of $0.0679 and $0.0747 respectively. Moreover, the stock is trading above the 20-Day moving average of $0.657.
