Here is why QuinStreet Inc. (QNST) stock soared in the after-hours on Wednesday?

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ORC Stock

QuinStreet Inc. (QNST) shares jumped 26.12% in after-hours on Wednesday, November 03, 2021, and closed the daily trading at $16.95. Even in the regular trading session, QNST’s stock gained 1.20%. QNST shares have fallen 17.29% over the last 12 months, and they have moved down 4.95% in the past week. Over the past three months, the stock has lost 29.49%, while over the past six months, it has shed 26.64%.

Let’s discuss its recent news and developments.


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QNST latest financial results announcement

On November 3, 2021, QuinStreet, Inc. (QNST) released its financial results for the fiscal first quarter ended September 30, 2021.

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Q1 2022 financial highlights

  • QNST reported revenue of $159.6 million for Q1 2022 compared to $139.3 million in Q1 2021.
  • The cost of the revenue was $141.5 million in Q1 2022 compared to $122.23 million in Q1 2021.
  • General and administrative expenses were $6.63 million in Q1 2022 compared to $6.6 million in Q1 2021.
  • It earned a net income of $3.1 million or $0.06per diluted share in Q1 2022 compared to a net income of $14.7 million or $28 per diluted share in Q1 2021.
  • Adjusted EBITDA was $13.4 million for Q1 2022 compared to $12.5 million in Q1 2021.
  • As of September 30, 2021, the company had $105.9 million in cash and equivalents.

FY 2022 revised financial outlook

The company revised its financial outlook for FY 2022 and is now expecting

  • Revenue in the range of $650 million to $670 million.
  • Adjusted EBITDA in the range of $65 million to $67 million.

Q2 2022 financial outlook

For Q2 2022, the company is expecting

  • Revenue in the range of $130 million to $135 million.
  • Adjusted EBITDA in the range of $7 million to $8 million.

QNST subsidiary launched New Performance Marketing Platform

On October 13, 2021, QuinStreet, Inc. (QNST) subsidiary, Cloud Control Media, released the CloudControlMedia Platform 3.0 (CCMP), which will boost media performance and increase profits for organizations using the platform across digital marketing channels. The new platform allows businesses to manage multiple marketing and media channels from a single, customized, cloud-based solution.

QNST participation in the recent events

  • QuinStreet, Inc recently participated at the Lake Street 5th Annual Best Ideas Growth (BIG5) Conference which was held on, September 14th, 2021.
  • QNST also participated in a virtual non-deal roadshow (NDR) with Stephens, Inc. which was held on Thursday, September 9th, 2021.
  • On August 11-12,2021, the company was present at the William Blair 4th Annual Insurance Technology Conference.

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Conclusion

The improved financial results and revised financial outlook for the current fiscal year was the reason behind its massive after-hours surge on Wednesday. we can expect it to continue to perform well on Thursday as well.

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