Professional Diversity Network, Inc. (IPDN), a company that operates online professional networking communities with career resources, has declined by 2.91% in the premarket trading session. As a result, IPDN stock is trading at $1.00 at the time of the writing. The decline could be attributed to short selling by certain investors as the stock has been on a gaining trajectory for quite some time. On Wednesday, IPDN closed the day at $1.03 after a surge of 6.17% during regular trading hours.
Q3 2021 Operational Results
On 16th November, IPDN released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated total revenue of $1.6 million during the quarter against $1,3 million for the same quarter of 2020. The sales and marketing expenses for the period were $0.5 million against $0.4 million for the same period of 2020, while the general and administrative expenses for the three months were $0.8 million against $1.5 million for the same three-month period of 2020. The loss from continuing operations for the period was $88,000 against $0.9 million for the same period of 2020. The basic and diluted loss per share for the continuing operations during the quarter was $0.01 against $0.07 for the same period of 2020.
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Financial Results of IPDN
Alongside the operational results, IPDN also released the financial results for the period ended 30th September 2021. The company had cash and cash equivalents of $4.09 million on 30th September. The total assets in possession of the company were $9.8 million, while the total liabilities on 30th September were $5.4 million. The company’s stockholders equity on 30th September 2021 stood at $3.85 million.
Adam He, CEO of IPDN, while commenting on the results said that the company continues to show stability during the third consecutive strong quarterly results for the fiscal year 2022. The company believes that there is still more room for additional corporate and political awareness as the company is seeking greater investment in diversity recruitment and inclusion initiatives. The company remains committed to strengthening its financial position through investment in the operating segment for driving organic growth.
Future Outlook for IPDN
Statistics reveal that the abysmal performance shown by IPDN stock during the recent months, as it has declined more than 20% during a period of last three months. That performance depicts that despite the tremendous business success during the period, the stock has not been able to show a solid performance. Looking toward the future, uncertain times could continue in months to come.