Snipp Interactive Reports Financial Results for Q1 2018

Snipp Interactive Inc (TSXV:SPNV), a global provider of digital marketing promotions, rebates and loyalty solutions announced its financial results for Q1 2018.

The company said that the revenue for Q1 2018 increased by 16 percent as compared to Q1 2017. The bookings backlog stood at $6.3MM as of March 31, 2018 which is an nine percent increase from 2017.

As quoted in the press release:

“We are extremely pleased with our Q1 results. Achieving both top line and bottom growth has been a goal we have achieved consistently over the last few quarters,” commented Atul Sabharwal, CEO and Founder of Snipp. “We look forward to the rest of 2018 as we focus on reaching sustained profitability and taking advantage of our steady stream of repeat customers. We are also excited by emerging strategic opportunities in both existing and new verticals.”

The Company also announces the departure of Ritesh Bhavnani from its board of directors and management team. Mr. Bhavnani will become a member of the Company’s advisory committee and will be engaged as a consultant to develop Snipp’s Artificial Intelligence and Machine Learning systems.

Mr. Bhavnani commented the following: “Having been instrumental in building our company and overseeing the integration of the technology platforms from our last two acquisitions over the last twenty-four months, the company’s platforms, process and leadership have matured to the point where my role can transition effectively to focusing exclusively on developing our Artificial Intelligence and Machine Learning systems. Also, with the recent birth of my first child, I found it challenging to effectively carry out my board and management responsibilities at Snipp, especially given the time zone differences between India, where I live, and North America, where the rest of Snipp’s core management team and board is located. My new role allows me to remain connected to Snipp and committed to its success by focusing on core areas of technology development for the Company. I will continue to be involved with the advisory committee and I am confident of the future ahead for Snipp.”

Click here for the full press release.