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Vection Technologies surged 7% on strong growth in Q1 results.

ASX closed tumbled; Vection Technologies surged on Q1 results; Aussie Broadband jumped 5% on AGM

The ASX200 closed 1.44% lower on Friday at 7323.70 points.

Vection Technologies surged 7% following the release of Q1 results.

Audio Pixel shares tanked on Q1 results with cash falling under $500,000.

The Australian market tumbled on Friday, closing the session 1.44% lower at 7323.70 points as every sector traded in negative territory led by communication services stocks tumbling more than 2%. For the week the ASX lost 1.24%.

The tech sector fell more than 1.5% on Friday driven by Megaport tanking 4.33%, Technology One losing 3.55% and Xero closing the session 2.99% lower.

Bitcoin is trading 3.91% higher over the last 24-hours at US$61,432.69 at 4:15pm AEDT.

Vection Technologies surged 7% today after releasing first quarter results that included strong growth across a number of metrics. For the period, Vection reported 172% growth in cash receipts on the June quarter to $2.8m which was in-line with objectives, strong growth opportunity in FY22 underpinned by a FY22 TCV-$5m, and a cash balance of $6.8m.

Making headlines, Audio Pixels tumbled 11% today after also releasing first quarter results. For the period, Audio Pixels reported net cash used in operating expenses of $1.465m, cash and equivalents at the end of the period at $479,000, down from $1.947m in the June quarter, and a $2m loan facility. Investors sold out of the digital speaker company’s shares today, possibly in fear of the high cash outflow compared to cash on hand at the end of the period.

And as part of the metaverse-focused shift by Meta (formerly known as Facebook), the company has announced an app called Polar allowing any users to create AR filters, effects and 3D objects.

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