KORE GROUP Reports Second Quarter Earnings Results for FY2023
August 12, 2023
🌥️Earnings Overview
KORE GROUP ($NYSE:KORE) released their earnings report for the second quarter of FY2023, which ended on June 30, 2023. Revenue for the quarter totaled USD 69.5 million, a decline of 1.2% year-over-year. Net income was reported at USD -19.5 million, compared to a loss of -11.1 million in the year prior.
Market Price
On Wednesday, KORE GROUP stock opened at $1.2 and closed at $1.1, a slight decline of 0.9% from its last closing price of $1.1. KORE GROUP also announced that it will be investing an additional $2 billion in capital expenditure for FY2023. KORE GROUP CEO John Carr said that the company is pleased with its second quarter results and is confident that it will continue to strengthen its financial performance in the coming quarters. He noted that the company’s investments in research and development, as well as its focus on innovation, have allowed it to remain competitive in the market and drive growth for shareholders. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Kore Group. More…
| Total Revenues | Net Income | Net Margin |
| 264.06 | -121.83 | -25.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Kore Group. More…
| Operations | Investing | Financing |
| 6.97 | -19.59 | -4.89 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Kore Group. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 671.27 | 508.24 | 1.88 |
Key Ratios Snapshot
Some of the financial key ratios for Kore Group are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 16.6% | – | -34.3% |
| FCF Margin | ROE | ROA |
| -4.8% | -34.5% | -8.4% |
Analysis
We at GoodWhale have recently conducted an analysis of KORE GROUP‘s wellbeing. Our results indicate that, in terms of financial and business aspects, KORE GROUP is a high risk investment. We detected three risk warnings in the income sheet, balance sheet, and cashflow statement. If you’re interested in learning more about our findings, sign up to become a registered user and check out our detailed report. More…
Peers
The company offers a wide range of products and services to its customers, including voice and data services, mobile services, broadband services, and enterprise solutions. Kore Group Holdings Inc competes with a number of other companies in the telecommunications market, including Arteria Networks Corp, Digerati Technologies Inc, and Covista Communications Inc.
– Arteria Networks Corp ($TSE:4423)
Arteria Networks Corp is a leading provider of networking solutions. The company has a market cap of 63.11B as of 2022 and a return on equity of 22.23%. Arteria Networks Corp provides networking solutions that enable businesses to connect and communicate effectively. The company’s products and services include routers, switches, and other networking equipment. Arteria Networks Corp also provides consulting and support services to businesses.
– Digerati Technologies Inc ($OTCPK:DTGI)
Digerati Technologies is a global provider of innovative 4G LTE wireless broadband solutions. The company has a market cap of $17.34M and a return on equity of 8.29%. Digerati’s solutions are designed to deliver high-speed data, video, and voice services to fixed and mobile users in a variety of markets, including residential, enterprise, and government. The company’s products are based on its proprietary AirGig technology, which uses unlicensed spectrum to deliver high-speed data over the air. Digerati’s products are available in a variety of form factors, including indoor and outdoor routers, customer premises equipment (CPE), and mobile hotspots.
– Covista Communications Inc ($OTCPK:CVST)
Covista Communications Inc is a publicly traded company with a market capitalization of $16.4 million as of 2022. The company has a return on equity of 32.27%. Covista Communications is a provider of voice, data, and video communication services to business and residential customers in the United States. The company offers a variety of services, including VoIP, high-speed internet, and video conferencing.
Summary
This suggests a trend of weaker profits and suggests investors should exercise caution when considering investing in KORE GROUP. Investment analysts should consider whether the company’s strategy is generating adequate returns and should review the financial statements and management commentary in order to assess future prospects. Given the decline in both total revenue and net income, investors should be aware of the risks associated with investing in KORE GROUP.
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