Last month the S&P/ASX 200 Index (ASX: XJO) continued its recovery and recorded a 0.5% gain to end it at 5927.8 points.
While this was positive, a number of ASX shares thoroughly outperformed the benchmark index.
Here's why these 3 ASX shares recorded huge gains in July:
Marley Spoon AG (ASX: MMM)
The Marley Spoon share price was a very strong performer and stormed 81% higher in July. Investors were fighting to get hold of the global subscription-based meal kit provider's shares last month after the pandemic led to a surge in demand for its offering. According to its second quarter update, quarterly revenue came in at 129% higher than the prior corresponding period at 73.3 million euros. This led to management increasing its revenue guidance for FY 2020. It now expects revenue growth of at least 70%, compared to its previous guidance of ~30%.
Sezzle Inc (ASX: SZL)
The Sezzle share price was on fire and recorded an 82% gain last month. The strong gain was driven by increasing investor interest in the buy now pay later industry and the release of its second quarter update. During the second quarter, Sezzle delivered underlying merchant sales (UMS) of US$188 million. This was a 57.5% increase on the first quarter and a 348.6% lift on the prior corresponding period. Management advised that this was driven by strong growth in customer and merchant numbers and the accelerating shift to online shopping.
Whispir Ltd (ASX: WSP)
The Whispir share price was easily one of the best performers on the market in July with a gain of 117%. Investors were buying the communications workflow platform provider's shares last month after the pandemic accelerated its growth. In its fourth quarter update, the company revealed annualised recurring revenue growth of 4.2% over the March quarter and 35.7% over the prior corresponding period to $42.2 million. Management advised that this was driven by organisations looking to adopt more sophisticated yet easy-to-use communications systems.
