Summary by Moomoo AI
Starbox Group Holdings Ltd. (Nasdaq: STBX), a Southeast Asian technology solutions provider, announced its financial results for the fiscal year ended September 30, 2023. The company reported a significant increase in total revenue, which rose by 63.2% to $11.7 million, up from $7.2 million in the previous fiscal year. The increase was attributed to the company's innovative strategies and diversification, particularly in technology-driven operations and recent acquisitions. Despite a challenging environment for digital advertising, strategic acquisitions contributed an additional $2.2 million in revenue. However, net income decreased to $2.1 million from $3.6 million in the previous year. The number of advertisers decreased, but the number of members and merchants on the GETBATS platform saw slight increases. The company completed a notable acquisition of 51% equity interests in One Eighty Holdings Ltd on June 26, 2023. Starbox Group's CEO, Lee Choon Wooi, expressed confidence in the company's direction and focus on enhancing technology services and platform capabilities. The financial report was filed with the U.S. Securities and Exchange Commission as part of a Form 6-K for February 2024.