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GigaMedia Limited (GIGM) stock surged in the premarket trading session; here’s why

METC Stock

METC Stock

In the premarket trading session, GigaMedia Limited (GIGM) stock had surged by 5.52% to $3.06 at last check. GIGM previously closed the session at $2.90. The GIGM stock volume traded 84403.0 shares. In the past year, up-to-date GIGM stock had jumped by 7.01% and jumped in the past week to 7.01%. Furthermore, the company is currently valued in the market at $31.87 million and has 11.05 million outstanding shares.

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The company has provided the financial report of Q1 2021

For the main quarter of 2021, GigaMedia detailed revenues of $1.45 million with a gross benefit of $0.79 million, an operating loss of $0.90 million, and a total deficit of $0.88 million. All-out incomes grew by 2.0% when contrasted with the past quarter. The business momentum of GigaMedia has slowed since the fourth quarter of 2020 as can be seen by the financial report of the fourth quarter 2020 and first quarter of 2021. The company has managed to sustain growth in revenues and at the same time kept costs and expenses in balance by adjusting with the pandemic through focusing on internally-driven growth and effective marketing. The support and licensing provisions from the Korean and Japanese licensors were disrupted due to the pandemic and slowed down the operating revenues.

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Revenues had increased from $1.42 million to $1.45 million in the first quarter of 2021. The company however saw a 9.9% decrease to $1.60 million from an annual timeline. The Net loss had increased from both the previous quarter and last year same period to $0.87 million. The cash equivalent and cash were kept in check through internal growth and strategy to control the decrease up to $1.56 million and accounted for $44.45 million or $4.02 per share.

Outlook for the second quarter for GigaMedia

The company is expecting the second quarter to be tough as well although digital services and entertainment activities have seen a boost in customer demand and attraction the financial report of GIGM stock highlights that even for an online digital service platform, the disruption in the supply chain (specifically licensing provision in this case) can significantly affect the balance sheet of the company. However, GIGM stock is focused on expanding its business to create shareholder value as well as increasing the fast-paced playability and development of customer platforms.

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Here’s all you need to know about GigaMedia

GigaMedia Limited provides computerized amusement services in Taiwan and Hong Kong. The organization works FunTown, an advanced amusement platform that offers versatile and program-based easygoing games. It offers MahJong, a conventional Chinese tile-based game; easygoing card and table games; online games; and chance-based games, including bingo, lotto, horse riding, Sic-Bo, spaces, and different easygoing games. The organization additionally gives sporting events and pretending games, like Tales Runner, a multi-player online deterrent running match-up; Yume 100, a story-based game that objectives female players; Akasaka, a female-arranged game; and Shinobi Master New Link, a male-situated game. GigaMedia Limited was established in 1998 and is settled in Taipei, Taiwan.

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