What's Going On With Luokung Technology Stock

Luokung Technology Corp LKCO shares are trading lower by 7.21% to $0.15 Thursday afternoon, selling off following Wednesday's strength, after the company announced it launched a "carbon emission and carbon neutrality" data service with more than $70 million in forecasted revenue.

What Else?

Luokong says the company has signed agreements with the government of PingYuan county, MeiZhou city in Guangdong province to provide carbon sink project development and carbon emission and carbon neutrality data services covering the entire county, including but not limited to the fields of forestry, agriculture, grasslands, wetlands, clean energy and industry.

Xuesong Song, Luokung's Chairman and CEO, stated: "We are pleased to announce that one of Luokung's business sectors, carbon neutrality and natural resources management, has made significant progress."

"With the active expansion in this area in the last six months, the Company has served many counties across the country as a "dual carbon" data service provider, which we believe is a testament of the market's trust and recognition of Luokung's capabilities in carbon neutrality and natural resource management data services," Song stated.

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Luokung Technology during Tuesday's after-hours session also reported $62.81 million in sales this quarter. This is a 66% increase over sales of $37.83 million the same period last year.

Luokung additionally achieved record total revenue for the six months ended June 30, 2022 of approximately $62.8 million, compared to $37.8 million in the prior-year period.

According to data from Benzinga Pro, LKCO has a 52-week high of $0.92 and a 52-week low of $0.14.