Why the iCandy (ASX:ICI) share price is surging 7%

The iCandy (ASX:ICI) share price is soaring today after the company announced its game, Masketeers, had reached $1 million in revenue.

| More on:
Young girl wearing a suit and tie with rocket wings looks to the sky representing the highest traded stocks today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The iCandy Interactive Ltd (ASX: ICI) share price is surging 6.7% higher today after the company announced its game Masketeers reached $1 million in revenue. The news sent the iCandy share price flying nearly 17% higher to 17.5 cents before a retracement to its current level of 16 cents.

Shares in the online gaming developer have also soared in recent months, gaining 700% since the start of September.

What happened?

Just after market open this morning, iCandy announced that its "smash-hit" game Masketeers has reached the milestone level of revenue. In the process, the game has also become the fastest in iCandy's history to reach the $1 million mark, taking only 63 days.

This easily surpassed the 9 month record the company's previous game took to reach the same level.

Financial boost

It's worth noting that the Masketeers revenue was not reflected in the company's most recent half yearly report and will be added to iCandy's next full year report. This is relevant as the company is now on target to smash past its previous annual revenue total of $2.2 million. As of its most recent half yearly report, iCandy's revenue stood at $1.03 million. In today's update the company advised that:

As such iCandy's half-year revenues and Masketeer's revenues for its current financial year would surpass prior financial year's revenues, before revenues from other games in the second half of the current financial year.

What now for the iCandy share price?

With Masketeers currently only available in English, iCandy is aiming to continue its success by translating the game into more languages. Masketeers is currently available in over 70 countries.

To this end, the company will continue with its plans to role out the game into China as management sees this market as particularly lucrative. China recorded over US$36.5 billion in gaming revenue in 2019.

Furthermore, with COVID-19 providing structural tailwinds (more people staying home), the company plans to double marketing spend to capitalise on arising opportunities.

It will be interesting to watch how the iCandy share price performs as the company's expansion plans roll out.

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A young man in a city street with a hopeful look on his face.
Share Market News

Here are the top 10 ASX 200 shares today

It was a return to form for ASX 200 shares this Thursday.

Read more »

Two male ASX 200 analysts stand in an office looking at various computer screens showing share prices
Broker Notes

Morgans names 3 ASX stocks to buy following results

Here are three stocks that Morgans is feeling bullish on this week.

Read more »

A man stands in a building site featuring brick walls with building equipment in the background.
Mergers & Acquisitions

CSR share price jumps again as blockbuster bid confirmed

Investors are excited about a potential takeover.

Read more »

A man and woman sit next to each other looking at each other and feeling excited and surprised after reading good news about their shares on a laptop.
Share Gainers

Why Bega Cheese, Domino's, Lovisa, and Universal Store shares are rocketing today

These ASX shares are catching the eye on Thursday. But why?

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why Clinuvel, Medibank, Sayona Mining, and Tabcorp shares are sinking today

These ASX shares are out of favour with investors on Thursday. But why?

Read more »

rising asx share price represented by drone flying in the air
Technology Shares

How has the DroneShield share price gained 90% in a month?

DroneShield shares are once again at a new record high today.

Read more »

Woman smiles at camera at she buys greens from the supermarket.
Broker Notes

Are Woolworths shares dirt cheap following the selloff?

Is now the time to pounce? Let's see what one leading broker thinks.

Read more »

A bored woman looking at her computer, it's bad news.
Share Market News

Sayona Mining share price crashes 19% after Piedmont Lithium says sayonara

This lithium miner's shares are taking a beating on Thursday.

Read more »