Tinybeans share price has surged up by almost 9% after company announced record setting month in October on its app.
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Tinybeans Group Limited (ASX: TNY) shares have jumped up 8.61% in trading today after achieving record performance in October. At the time of writing, the Tinybeans share price is trading at $1.64.
What are the highlights?
Tinybeans announced that its second quarter of FY21 is off to a positive start with the company’s Red Tricycle web site (redtri.com) achieving multiple site records. These include:
- 3.1 million monthly active users, up by 7% since December 2019
- 222,000 monthly page views (up by 19% vs. previous record in May)
- and 250,000 organic search sessions (up by 27% vs. previous record in April)
Tinybeans also announced that it signed more than $500,000 in new business contracts in October. Partners include large new brands such as Apple TV+ (NASDAQ: AAPL), Netflix (NASDAQ: NFLX), and Hasbro (NASDAQ: HAS). These signed contracts will have an immediate benefit to top line revenues.
Today’s announcement also follows the recruitment of senior executives in the United States to its boardroom.
Tinybeans CEO Eddie Geller welcomed the results, saying:
After a successful Q1 of FY21, we are delighted to see the momentum carry into Q2 with our strongest performance ever both from a platform engagement and new brand win perspective. We are confident that as more users and partners experience the platform, this will pave the way for what we anticipate to be a second consecutive strong quarter of growth.
Tinybeans in a nutshell
Tinybeans was founded in Sydney in 2012 by Stephen O’Young. It’s a family photo sharing app that helps parents capture and organise their children’s lives using photos, video, and written messages.
One big selling point for the app is that it has privacy features that allow parents to retain legal ownership of their content, unlike other larger social media sites. The app is available in both Android and iOS. The United States makes up 92% of the company’s revenue, while Australia contributes most of the remainder. The company employs both a premium subscription and advertising revenue business model.
How did the Tinybeans share price perform in 2020?
In its first quarter FY21 results announced in October, Tinybeans reported that revenue jumped to $2.5 million, a 123% increase on the prior corresponding period. The record result was achieved by Tinybeans’ premium subscription base growing above 22,000 members, with total registered users surpassing a record 4.65 million at the time.
Although the Tinybeans share price has lost 25% on a year-to-date basis, the price has performed strongly since the beginning of August, doubling in value. It is currently trading at $1.64 with a market cap of $70 million.
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Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Apple, Hasbro, and Netflix. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Tinybeans Group Ltd. The Motley Fool Australia has recommended Apple, Netflix, and Tinybeans Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.