Starbox Group Holdings Ltd. Announces Financial Results For FY23, Revenue Was $11.7M Vs $7.2M YoY
Portfolio Pulse from Benzinga Newsdesk
Starbox Group Holdings Ltd. (STBX) reported a 63.2% increase in FY23 revenue, reaching $11.7M from $7.2M in FY22, despite a decrease in net income from $3.6M to $2.1M. The growth is attributed to strategic acquisitions and expansion in technology-driven operations, particularly in Southeast Asia. However, the company saw a decrease in the number of advertisers and transactions on its GETBATS platform, while the number of members and merchants slightly increased.
February 08, 2024 | 9:31 pm
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Starbox Group Holdings Ltd. (STBX) reported a significant revenue increase in FY23, with a 63.2% jump to $11.7M from $7.2M in FY22, but experienced a decrease in net income from $3.6M to $2.1M. The company's strategic acquisitions and focus on technology-driven operations in Southeast Asia have been key growth drivers.
The significant increase in revenue for STBX indicates a strong growth trajectory, especially in its core operations and strategic acquisitions. However, the decrease in net income and the mixed operational highlights, such as the decrease in the number of advertisers and transactions, might raise concerns among investors. The positive revenue growth is likely to be viewed favorably in the short term, but the decrease in net income and operational challenges could temper investor enthusiasm.
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