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News Group Reports Strong Revenue Growth and Raises Outlook for 2023


Shares of Group (GCOM.NASDAQ) soared 14% in the latest quarter due to higher revenue and an improved outlook for 2023. The stock has experienced a remarkable year-to-date increase of 59%, marking its largest percentage gain since June 2022 and reaching its highest closing value since November 2021.

During the second quarter ended June 30, posted net income of $278,000 (or 1 cent per share), a significant rise from $56,000 (or 0 cents per share) in the same period last year. Adjusted earnings were recorded at 17 cents per share.

The company’s revenue grew by an impressive 63%, reaching $26 million compared to $15.9 million in the prior year’s quarter. This exceptional performance managed to surpass the market expectations of $21.8 million according to analysts polled by FactSet.

Looking ahead to 2023, has raised its revenue outlook to a range spanning between $100 million and $104 million. This adjustment marks an improvement from their previous forecast, which projected revenue in the range of $95 million to $99 million.

In summary, Group’s strong financial performance in the second quarter, fueled by impressive revenue growth and an optimistic outlook for 2023, has bolstered investor confidence and propelled the stock to new heights.

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