Alpine 4 Holdings Inc (NASDAQ:ALPP) Stock Slumps 10% After Earnings

Alpine 4 Holdings Inc (NASDAQ:ALPP) has made a name for being one of the major owners and operators of small market businesses. However, last Friday its stock fell sharply in reaction to the announcement of its third fiscal quarter results the day before.

Market Stats

On Friday, ALPP stock decreased 9.78% at $3.3200 with more than 1.68 million shares, compared to its average volume of 1.11 million shares. The stock has moved within a range of $3.2600 – 3.7701 after opening the trade at $3.7400.

Earnings Recap

The stock declined by as much as 10% on Friday and in this situation, it could be a good idea for investors to perhaps take a look at the third quarter results a bit more closely. The company announced that in the third quarter, it managed to grow its revenues by as much as 23% on a sequential basis.

On the other hand, Alpine 4 also managed to generate a net profit of $2.48 million for the quarter. Last but certainly not the least; investors need to also note that at the end of the third fiscal quarter, the assets under Alpine 4 Holdings’ control went up by as much as $3.08 million.

The revenues for the quarter came in at $17.39 million. However, Alpine also noted that despite the growth it was still suffering from supply chain problems in the aerospace, manufacturing and construction services at this point. That may have been a factor behind the decline in the stock.