Readen Holding Corporation (OTCMKTS:RHCO) Stock Corrects After Recent Jump

Readen Holding Corporation (OTCMKTS:RHCO) is involved in the venture capital space and is involved in a range of industries starting from online payments, financial technology and e-commerce among others. Yesterday, the company announced its financial results for the fiscal quarter that had ended on March 31, 2023.

Trading Data

On Tuesday, RHCO stock slid 10% to $0.0171 with 49.29K shares, compared to its average volume 39.46K shares. The stock moved within a range of $0.0148 – 0.0176 after opening trade at $0.0176.

The financial performance from Readen was strong as its revenues went up by as much as 72% on a sequential basis. On a year on year basis, the revenues shot up by a remarkable 2733%. The company also managed to clock profits of $1886501 for the quarter and that worked out to a sequential rise of 129%.

The surge in revenues and profits was mainly a result of the performance and growth generated by Neckermann Direct, the company’s B2C e-commerce platform. In 2022, Readen had been successful in re-launching the platform and helped in transforming one of the most well-known retail brands in Europe with a legacy that went back seven decades.

Readen helped in turning it into one of the frontrunners in the global e-commerce space. The platform is fairly unique in nature since it offers merchants in Asia with a gateway to the massive European market and offers 150000 products.