NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) — Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Vroom (NASDAQ:VRM) DraftKings (NASDAQ: DKNG) NexTech AR Solutions (OTC: NEXCF) (CSE: NTAR) and eBay (NASDAQ:EBAY). Accelerating digital transformation is driving explosive growth opportunities in markets as diverse as sports betting, auto sales, and tradeshows. Wall Street Reporter highlights the latest comments from industry thought leaders:
DraftKings Inc. (NASDAQ: DKNG), CEO Jason Robins: “Huge Pent-up Demand for Sports Betting”“…As sports have started to return, we saw revenue improve sequentially each month in the quarter, with June revenue increasing 20% year-over-year on a pro forma basis. This strong overall results and improvement are due to our product innovation, our entry into new jurisdiction, and pent-up demand for sports betting as Live Sports like Golf, European Soccer, NASCAR and UFC started to return. In the first two weeks of MLBs return, we saw three times the handle compared to the first two weeks of the 2019 MLB season. In the first week of the NHL’s return, our handle is more than twice the handle of first week of 2019 NHL playoff…”
“…We significantly expanded our eSports offering and have seen exponential growth in this category. We added popular Madden simulated games and began to include streaming sports within our app, which has become a very popular feature. In fact, since the return of the NHL, the NBA, and Major League Baseball, users have continued to engage with eSports, which gives us confidence in that product’s future….We believe eSports is going to be a huge category – it’s when not if…we believe ultimately eSports betting will be if not the biggest, certainly one of the biggest categories of sports betting over the long-term.”DraftKings (NASDAQ: DKNG) Earnings Call Highlights: https://bit.ly/2Hg4wcV
NexTech AR Solutions (OTC: NEXCF) (CSE: NTAR) CEO Evan Gappelberg: “Firing on all Cylinders – Positioned for Exponential Revenue Growth”
NexTech’s AR-powered virtual events business is rapidly gaining market adoption, and revenue momentum. Today TEDx Malmo announced it will be deploying NexTech’s InfernoAR for it’s first virtual event, which could open the door for NexTech’s technology to be deployed for other TED Talks events worldwide.
NEXCF just reported a record $900,000 in new bookings (first 3 weeks of September alone) for its InfernoAR video conferencing and virtual events platform for virtual trade shows, and meetings. (By comparison, the business was generating about $1 million annualized revenues at the time it was acquired by NEXCF – representing a 10X growth acceleration.)
In a recent presentation at Wall Street Reporter’s “Next Super Stock” livestream investor conference, CEO Evan Gappelberg and President Paul Duffy, shared with investors how NexTech, video conference and AR solutions are displacing the $150 billion tradeshow and meeting market. Up for grabs is the digital transformation of the global trade show market. According to Grandview Research the global virtual events market in 2020 is $90 billion and expected to reach more than $400 billion by 2027, growing at a 23% CAGR. With NexTech’s InfernoAR platform having augmented reality, AI, end-to-end encryption and built in language translation for 64 languages, NexTech is well positioned to rapidly take market share as the growth, and digital transformation accelerates globally.
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October 7 – NEXCF announced that TEDxMalmo will be deploying InfernoAR for it’s first virtual event in December. The virtual event will be reflective of the traditional in-person events that the TED brand is known for, featuring performances, entertainment, TEDTalks, interactive content, Q&As with speakers and more. The event will be hosted entirely through NexTech’s InfernoAR platform to ensure the safety of participants, while also expanding its offering to the global community. NexTech is currently working with TEDxMalmo to build a digital venue for the event that will keep attendees engaged while simplifying navigation throughout the various video presentations, breakout sessions, structured networking events, live entertainment, workshops and master classes.
September 23 – NEXCF reports a record $900,000 in new bookings for video conferencing and virtual events platform InfernoAR for the period September 1st to September 22, with a broad spectrum of new deals, including: FenDigital, Soitec, Alamos Gold, Quartz as well as signing new deals with repeat customers like Bell Canada, Ryerson University, Carnegie Mellon University, Boehringer, and many more.
September 9 – NEXCF acquires fast-growing eCommerce SaaS platform Next Level Ninjas which matches brands and product testers on its VIP Product Testers site, helping brands gain marketplace momentum. The platform works across multiple eCommerce platforms including Amazon, eBay, Shopify, Walmart, Jet and Etsy.
August 25 – NEXCF reported record 290% revenue growth for Q2 2020, and a growing sales pipeline.
July 8 – NEXCF announced it has filed to up-list its shares to NASDAQ.
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eBay, Inc. (NASDAQ: EBAY) CEO Jamie Iannone: ”A Clear Vision To Realize Enormous Untapped Potential of eBay.”
“…Consumer behavior is rapidly evolving, and this dynamic has been accelerated by COVID-19, contributing to a significant volume acceleration and new customer acquisition. This led to a very strong quarter, coming in ahead of the recently increased expectations we shared in early June….Volume was strong across most major markets in the Marketplaces business, growing 29%, our highest quarterly growth rate in 15 years. We also added approximately 8 million more buyers to bring the annual active buyer base to 182 million.”
“Our ambition to become the best global marketplace has been built with customers at the center, and an acknowledgment of the driving force of our success has always been and must continue to be our leadership in technology. This is why the entire team at eBay is rallying around three key priorities to execute on the vision: One, to build compelling next gen experiences for our enthusiasts. Second, is become the partner of choice for our sellers and third is to cultivate lifelong, trusted relationships with buyers. We plan to modernize and simplify the experience to drive more purchase frequency by leveraging AI teams to remove friction throughout the buying journey…We’re building up our capabilities in AI and data science and computer vision.”
“…We have a clear vision to realize the enormous untapped potential of eBay. This will be a multiyear process and will require investment but through a tech-led re-imagination, our plan is to become the best marketplace in the world for buyers and sellers.”
eBay (NASDAQ:EBAY) Earnings call highlights available at: https://bit.ly/3g3VUlw
Vroom, Inc. (NASDAQ:VRM), CEO, Paul Hennessy: “Building Dominant Digital Car Retailer”
“…It has also been an extraordinarily valuable quarter for us, as it allowed us to learn so much about the capabilities of our business model, our operations, our employees, nearly all of them validating. Hard learnings have reinforced our belief that we are well on our way to building a business that can be a dominant digital car retailer in the coming years. At our core, we are a data-driven, demand-driven company. It informs how we buy cars, how we price our cars, how we invest in the reconditioning of our cars, and how we market our cars. We didn’t build these tools to conduct fire sales, but frankly, that’s the best analogy of what we were doing in late March and into the first half of the second quarter. We not only stopped buying new inventory, we methodically, dynamically and carefully priced our inventory to move very quickly. We did so in a way that protected our company and our balance sheet, while also very clearly stimulating demand for our cars.”
“…In the digital world, inventory equals unique content. Each and every car that we carry and sell is like a snowflake, not a single one the same as any other different color, different make, different mileage, different age, different state of condition. And for us, the more content that we have, the better our ability to line up the specific customer who is looking for that specific content and therein is how a digital flywheel is born. Content begets conversion. Conversion begets success and high NPS. High NPS begets inventory turns in gross profit. And inventory turns in gross profit to get more and more content, throw in repeating customers from prior delightful transactions and massive multiyear digital and media brand building to help lower the marginal costs of finding our customers over time. And you can see how and why we are so excited about what’s ahead in the coming years…”
Vroom, Inc. (NASDAQ:VRM) Earnings Call Highlights, available at: https://bit.ly/3aX38ql
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