The Emerge Gaming Ltd (ASX: EM1) share price is surging 13% following an update on its operational performance. Here are the highlights.
The post Why the Emerge Gaming (ASX:EM1) share price is jumping 13% today appeared first on The Motley Fool Australia. –
At the time of writing, the e-sports and gaming technology company’s shares are swapping hands for 4.3 cents, up 13.16%.
What’s pushing the Emerge Gaming share price higher?
The Emerge Gaming share price is soaring higher after the company revealed that it is attracting new subscribers.
In its announcement, Emerge Gaming advised that it has banked around $4.5 million from its platform subscriptions. With more than 300,000 paying subscribers between its MTN Arena and MIGGSTER platforms, the company aims to become the world’s largest online gaming community.
Emerge Gaming noted that it was driving growth by offering its products and services across more than 160 countries. In addition, users can pay through credit card, Bitcoin and mobile billing systems, promoting flexible payment options.
A quick take on Emerge Gaming
Emerge Gaming seeks to capture the e-sports market through its online e-sports tournament and social gaming platform and lifestyle hub.
The entertainment company enables subscribers to play against each other via a mobile, console or PC, with rewards and prizes up for grabs through competitions.
Emerge Gaming CEO Greg Steven hailed the progress, saying:
Emerge is feeding the insatiable appetite of the social and casual gaming segments of the market. The uptake in subscriptions is an endorsement of the value proposition in our offering and we are seeing strong user engagement on the platform.
I am enthusiastic about the company’s pursuit to substantially grow our online gaming community and the potential for further growth when our new products are launched.
Our financial performance has demonstrated strong early results and the next phase to building a truly global community is for Emerge to target a community size in the tens of millions of subscribers.
The Emerge Gaming share price has gained close to 750% since this time last year. However, year-to-date, the company’s shares are down almost 50%.
Based on the current share price, Emerge Gaming has a market capitalisation of roughly $35 million.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
Motley Fool contributor Aaron Teboneras 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.