Xalles Inc (OTCMKTS:XALL) Stock Falls After Q1 Earnings Update

Financial technology leader Xalles Inc (OTCMKTS:XALL) specializes in the field of technology and financial services products. The company was in the news on Tuesday after it announced its financial results for the first fiscal quarter that had ended on March 31, 2023. It may well be a good time for investors to take a look into some of the highlights from the company’s financial results.

Trading Data

On Tuesday, XALL stock slid 18.28% to $0.0038 with more than 7.80 million shares, compared to volume of 3.66 million shares. The stock moved within a range of $0.0037 – 0.0055 after opening trade at $0.0049.

Xalles Announces Record Breaking Q1 Revenues and Business Results

In the first quarter, Xalles managed to generate total revenues of $3.878 million to go along with net profits of $0.647 million. The revenues figure reflected a rise of a staggering 845% year on year and 18% on a sequential basis. The net profit figure worked out to a year on year jump of 535% and of 16% on a year on year basis.

The company noted that the second quarter begun at about the time that Xalles made three strategic acquisitions in the third quarter. One of those three acquisitions took the company into the fast growing Healthcare Financial Ecosystem. The company now commands a total of five business segments. However, the company noted that it was going to work on more acquisitions with the view of supporting further financial reengineering.