Destiny Media Technologies (OTCMKTS:DSNY) Releases Q2 Earnings: Stocks Reacts Negatively

Makers of Play MPE, cloud-based SaaS solution for digital asset management in music industry, Destiny Media Technologies (OTCMKTS:DSNY), on April 13, 2022, announced financial results for quarter two of current fiscal.

Market Action

On Wednesday, DSNY stock fell 8.40% to $0.87 with 250 share, compared to its average volume of 5k shares. The stock moved within a range of $0.8700 – 0.8700 after opening trade at $0.87.

Destiny Media Technologies Inc. Announces Fiscal 2022 Second Quarter Results

Fred Vandenberg, President and CEO, said that finishing the transition of administrative aspects of Play MPE to the online platform was significant achievement done during the quarter. Vandenberg added that Play MPE engineering staff will be able to focus on developing extra revenue generating services and products. The CEO further stated that the company also carried on building design as well as development teams. The CEO also stated that the company has witnessed growth in user activity as well as brand awareness in Latin America, Canada and South Africa showing increase in revenues.

The highlights for the quarter included revenue surge by 1%, USA major label revenue increase by 7.6% as well as growth in Canadian revenues by 64.5%.

In the quarter, the firm repurchased 112,800 shares for about $0.135M. The total repurchases from January 2021 to February 2022 was 328,385 shares for about $0.437M. Destiny Media Technologies will also be holding live webinar on April 13, 2022 at 2:00 p.m. Pacific Standard Time for discussing financial results for quarter two ending February 28, 2022. The webinar will have comments from President, Chief Executive Officer, Fred Vandenberg as well as and Director of Business Development, Allan Benedict.

Key Quote

“Completing the transition of all administrative functions of Play MPEĀ® to the online platform was a major accomplishment that was completed during the quarter,” said Fred Vandenberg, President and CEO. “Following this transition, Play MPEĀ® engineering staff can focus on developing additional revenue generating products and services within the space. During the quarter, we also continued to build out our design and development teams as we move forward with new product development.”

Traders Note

DSNY stock is trading below the 20-Day and 50-Day Moving averages of $0.97 and $1.08 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 32.

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