Sabio Holdings Inc. (OTC:SABOF) Stock Gains Momentum: Here is Why

The California-based advertising technology company Sabio Holdings Inc. (OTC:SABOF) is involved in providing highly targeted insights, services, and ads in ad-supported streaming to companies in the Fortune 500. On Wednesday, the company was in focus after it announced its unaudited financial results for the second fiscal quarter that had ended on June 30, 2024.

The company reported a record-breaking second quarter revenue figure of $8.9 million, which worked out to a year-on-year rise of 11% from the $8 million in the prior year quarter. The sales generated in the connected TV/OTT category soared by 39% year on year to hit $6.9 million as opposed to $5 million in the prior year quarter. TV/OTT continued to be the dominant sales segment at Sabio Holdings and made up as much as 77% of sales, an improvement on the 62% recorded in the prior year quarter.

The revenues from the mobile segment were $1.9 million, which worked out to a decline of 36% year on year from the revenues of $2.9 million in the prior year quarter. Sabio Holdings stated that more and more mobile campaigns were moving to mobile streaming from mobile displays. Mobile streaming revenues had been included in the Connected TV/OTT sales category by the company.

The gross profits in the quarter were $5.4 million as opposed to $4.8 million in the prior year period. The gross margin improved to 69% from 60% on a year-on-year basis. The Chief Executive Officer of Sabio Holdings, Aziz Rahimatoola, spoke about the performance as well. He noted that the fiscal second quarter performance was a demonstration of the fact that the company continued to execute on its initiatives for 2024. He went on to note that the company also continued to execute the most important aspects of its business, which would drive sustainable and profitable growth.