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Wednesday, June 23, 2021

Why CLPS Incorporation (CLPS) rallied in intraday trading today?

CLPS Incorporation (CLPS), reported its financial results for the first half of the fiscal year 2021 after which BGS stock price saw a push of 16.55% to reach $4.8250 a share as of this writing. CLPS stock seemed red at the closing time on Thursday but became green on Friday after reporting positive financial results of the first half of 2021. Let’s deep dive to explore more of it.


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What’s happening?

According to report

  • CLPS Incorporation generated $58.3 million in revenue which is 37.0% higher than the $42.6 million of six months ended December 31, 2019.
  • Operating income reached $3.9 million which is 213.5% higher than the $1.2million of six months ended December 31, 2019.
  • An increase in net income was recorded by 114.9% to $4.9 million as compared to $2.3 million of the previous same tenure.
  • Net income of the shareholder of the company surged to $4.9 million from $2.4 million with an increase of 105.2% as compared to the same period of the prior year.
  • Basic and diluted EPS was recorded at $0.30 per share as compared to $0,17 recorded in the previous same tenure.
  • Net cash of TLPS resulting from operating activities surged from $5.7 million to $9.4 million with a rise of 66.2%.
  • Gross profit surged by 20.2% to $18.5 million as compared to $15.4 million in the same tenure of the prior year.

The company’s marketing expenses rose by 27.7% to $1.8 million for the first half of the financial year 2021 as compared to $1.4 million in the same period of the previous year. Research and development expenses rose by 22.7% to $6.2 million as compared to $5.0 million in the same period of the previous year. 

CLPS expects growth of its total sales in the range of 30% to 35% for the fiscal year 2021.  Non-GAAP net income guidance for the fiscal year 2021 is estimated to rise by 60% to 65% from 32% to 37% of the fiscal year 2020.

Conclusion:

CLPS Incorporation’s positive financial results for the first half of the fiscal year 2021 have made the momentum for the CLPS stock. The company’s deep focus on providing IT services greatly contributed to the overall increase in revenue for the company. Hiring new staff depicts that company is growing day by day. Financial guidance for 2021 shows that the company will grow more in the future. In short CLPS stock can be a good bet for investors.

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