Vinco Ventures Inc. (BBIG) shares fell 0.51% in after-hours on Monday, November 22, 2021, and closed the daily trading at $3.89. However, in the regular trading session, BBIG’s stock gained 1.30%. BBIG shares have risen 167.81% over the last 12 months, and they have moved down 8.43% in the past week. Over the past three months, the stock has gained 32.99%, while over the past six months, it has gained 19.21%.
Let’s have a look at its recent news and developments.
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BBIG latest news
On November 22, 2021, Vinco Ventures, Inc. (BBIG), announced results for the third quarter ended September 30, 2021.
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Q3 2021 financial highlights
- BBIG revenue was $2.23 million in Q3 2021 compared to $2.52 million in the third quarter of 2020.
- The total cost of revenue was $1.53 million in Q3 2021 compared to $1.50 million in Q3 2020.
- The gross profit margin was 31.4% compared to 40.3% in the third quarter of 2020.
- Selling, general and administrative expenses were $25.9 million in Q3 2021 compared to $2.6 million in Q3 2020.
- It suffered a GAAP net loss of $542.5 million, or $7.59 per basic and diluted share in the third quarter of 2021, compared to a net loss of $2.8 million, or ($0.30) per basic and diluted share in the third quarter of 2020.
- The company ended the quarter with cash, cash equivalents, and restricted cash totalling $149.9 million.
Update about BBIG Lomotif
On November 12, 2021, Lomotif announced that its Social Media Reach and Frequency Tool in Partnership with EDC Las Vegas, has exceeded the expectations
On October 22, 2021, Lomotif formed a partnership with EDC Las Vegas as a proving ground in the U.S. cultural landscape, eyeing a U.S. launch in 2022. Lomotif used its reach and frequency tool under AdRizer for a broad reach into U.S. social media culture and cross-platform pollination, outperforming expectations across every metric and delivering record engagement.
Lomotif is the short-form video social media application owned by a joint venture of ZASH Global Media and Entertainment (ZASH) and Vinco Ventures, Inc. (BBIG)
BBIG separating its subsidiary Cryptyde
On November 08, 2021, November 8, 2021, Vinco Ventures, Inc. (BBIG) filed a Form 10 registration statement with the United States Securities and Exchange Commission to separate its subsidiary Cryptyde, Inc. Cryptyde will become a stand-alone, publicly-traded Nasdaq listed company under the ticker symbol TYDE. Vinco will continue to trade under the BBIG ticker symbol on Nasdaq following completion of the planned spin-off and currently planned subsequent merger with Zash Global Media and Entertainment Corp.
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Conclusion
The poor Q3 2021 financial result which was announced yesterday was the reason behind its minor loss n the after-hours on Monday. It can further decline in the coming trading sessions on Tuesday.
