BBIG shares decreased by 9.15% in the current market today on 3 September 2021. However, the last trading session closed at $1.43 with a decline of 15.18%.
What’s happening?
In today’s date, there is no significant news for the BBIG stock. However, there has been some recent information about the stock. Let’s go into it more.
BBIG Announces Financial Results for Second Quarter 2021
On 23 August 2021, the company declared its financial results for the second quarter that ended on 30th June 2021. Revenue dropped by 47.97 % to $2.69 million for the three months ending June 30, 2021.
However, the gross profit of BBIG for the three months ending on 30 June 2021 was $198,424 less than the gross profit for the three months ending on June 30, 2020. The Edison Nation Medical division’s decline in revenue is mostly due to lower sales of personal protective equipment.
BBIG Announces ‘Spin Out’ of Emmersive Entertainment
On 24 June 2021, BBIG announced that Emmersive Entertainment, which was recently highlighted on 60 Minutes Plus, will be spun off into its own publicly-traded company.
The resultant Emmersive Entertainment Public Company will be managed by existing Vinco Ventures Chief Strategy Officer Brian McFadden, according to the company.
The firm intends to complete this transaction in Q3 2021 and will soon announce the Shareholder of Record Effective Date.
Financial Results for the Three Months that Ended March 31, 2021, by BBIG
According to the financial results announced by BBIG on 25th May 2021, the revenue grew by 31.32 percent to $2.57 million for the three months that ended March 31, 2021, compared to $1.95 million for the three months ended March 31, 2020.
The gross profit for the three months ended March 31, 2021, was $0.9 million, which was 56.64 percent higher compared to $0.6 million for the three months ended March 31, 2020.
The gross margin rose 17.72 percent to 35.54 percent for the three months ended March 31, 2021, compared to 30.19 percent for the three months ended March 31, 2020.
