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Title: Newegg Commerce, Inc. (NEGG) Stock: Price Pops 23% as FantasTech Sale Launches Ahead of July 4
Newegg Commerce, Inc.’s (NEGG) stock has seen a staggering 23.1% surge to $15.31 after the company announced the launch of its early FantasTech sale. This notable price increase marks a significant turnaround for NEGG, which has been struggling with profitability issues and declining revenue.
The early access event aims to give customers confidence while shopping during Newegg’s best tech discounts. The promotion is touted as one of the year’s biggest value opportunities, particularly for those who take advantage of it now. This is because buyers will benefit from automatic refunds if prices drop later, making them feel more secure about their purchases.
In its latest financial report, NEGG revealed that fiscal year 2024 results showed revenue declining to $1.24 billion from the previous year’s total of $1.5 billion. Gross profit also plummeted to $131.5 million. Although the net loss narrowed to $43.3 million, profitability remains elusive.
Despite a 91% year-to-date gain, NEGG’s stock still exhibits multi-year underperformance and negative profitability. The company holds $96 million in cash and has a debt-to-equity ratio of 68.8%, indicating moderate financial flexibility despite ongoing losses.
Source: coincentral.com
