In the past week, the Adaptive Ad Systems Inc (OTCMKTS:AATV) stock has been in the middle of a sustained selloff and has declined by as much as 17% during the period.
Market Action
On Thursday, AATV stock rose 2.08% at $0.5105 with more than 1K shares, compared to its average volume of 2.24K shares. The stock has moved within a range of $0.5105 – 0.5105 after opening the trade at $0.5105.
Earnings Recap
Yesterday, the company was in the news once after it announced its third fiscal quarter financial results for the period that ended on September 30, 2021. The quarter proved to be a profitable one for Adaptive and made up the 26th profitable quarter for the company in a period spanning as long as seven years. The company is primarily involved in Dynamic Digital Ad Insertion in cable TV networks in the United States through its proprietary software and hardware.
Adaptive noted that although the coronavirus pandemic had caused significant disruption to its business, it had been successful in deploying its contracted ad insertions successfully for cable television networks.
In addition to that, the fact that it was a non-election year did not hamper the company in its business operations either. Due to the lowering of ad spending due to the coronavirus pandemic, the company clocked sales of $1,402,101 for the quarter and that was lower than the $3,519,410 in sales in the prior year period. The company managed to bring in net profits of $131,088.
Key Quote
CEO J. Michael Heil states: “We continued installing our proprietary digital ad insertion systems, tested our new broadband technologies in beta markets, acquired a television station in Reno, Nevada, and continued expansion of our footprint in the underserved rural areas of the U.S. We will continue on this path of aggressive expansion into targeted markets that our systems and technologies were built for and will provide valuable and affordable digital advertising and broadband services for these markets.”
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