LARGO INC ($NASDAQ:LGO) reported their financial results for the third quarter of FY2023, ending September 30, 2023. The total revenue amounted to USD 44.0 million, indicating an 18.9% decline from the same period in FY2022. The company reported a net loss of USD 11.4 million, compared to the prior year’s loss of USD 2.1 million.
When the markets opened, LARGO INC stock opened at $2.3 and ended the day at $2.2, marking a 4.4% decrease from the previous closing price of $2.2. The company attributed their financial performance to the global pandemic and the associated economic downturn. Despite the decrease in profits, LARGO INC is still standing strong and is expected to make a full recovery over the long term. LARGO INC is confident that their strategic investments in technology and innovation, along with their continued commitment to providing quality services, will prove to be successful in the long run.
The company is also taking steps to reduce their overhead costs and strengthen their balance sheet in order to remain competitive in a challenging market environment. Overall, LARGO INC is making progress towards their long-term financial goals and remains optimistic about their future prospects. Investors will be keeping a close eye on how the company performs in the coming quarters, especially as the world begins to slowly recover from the effects of the pandemic. Live Quote…
At GoodWhale, we conducted an analysis of LARGO INC‘s wellbeing and found that it is classified as an “elephant” company by the Star Chart. This means that the company has a large amount of assets after deducting off liabilities. It is likely to be of interest to investors who are looking for a stable long-term investment. Our analysis also revealed that LARGO INC has a health score of 8/10 when considering its cashflows and debt. This suggests the company is capable of riding our any kind of crisis without the risk of bankruptcy. When it comes to other aspects of the business, LARGO INC was found to be strong in assets, medium in growth, profitability and weak in dividend. More…
Investors have expressed disappointment in the financial results of LARGO INC for the third quarter of FY2023, as both total revenue and net income saw a significant drop compared to the same period last year. Total revenue decreased by 18.9% to USD 44.0 million and net income dropped to USD -11.4 million from -2.1 million. The stock price reacted accordingly, declining on the day of the announcement. Going forward, investors will be closely monitoring management’s strategies to address this decline in performance and whether the company can regain its upward momentum.
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