Why Cantaloupe Stock Exploded 11% Higher Today
Shares of digital payments and data processing company Cantaloupe (NASDAQ: CTLP) soared 11.6% through 11:25 a.m. ET on Wednesday after beating analyst forecasts for quarterly sales and guiding higher than Wall Street had expected.
Heading into fiscal Q2 2023, analysts had predicted Cantaloupe would lose $0.01 per share on sales of $58.8 million. Cantaloupe hit the earnings nail on the head and eclipsed sales predictions, reporting revenue of $61.3 million for the quarter.
"Transaction fees, subscription fees and total revenue" all set new records in fiscal Q2, boasted Cantaloupe CEO Ravi Venkatesan, with total revenue rising 20% year over year even as total dollar volumes of transactions processed rose only 17%. Gross margins, however, slipped 120 basis points lower, to 30.1%, preventing Cantaloupe from capitalizing fully on the sales growth, and leaving the company operating at a loss -- same as in last year's Q2.
Source Fool.com
