The Conversation (0)
The company said that its total revenues for Q2 increased to C$0.7 million, while its net loss decreased 44 percent to C$0.9 million.
Mobi724 Global Solutions (TSXV:MOS) announced its second quarter results on Wednesday (August 29), reporting a 52 percent increase in revenue compared to its first quarter results.
The company said that its total revenues in the second quarter, which ended on June 30, 2018, increased to C$0.7 million while its net loss decreased 44 percent to C$0.9 million as compared to C$1.6 million in the first quarter.
In the revenue breakdown, Mobi724 said that its earnings from card-linked offers increased 73 percent while revenues from payments increased 31 percent.
“Our operations optimization initiatives in Q2 yielded tangible results and have continued in Q3 with the full positive effect to show in Q4 2018 and beyond,” Marcel Vienneau, CEO of Mobi724, said in the press release. “The strong growth in cards under management this quarter is a key indicator that we are setting the company on a solid foundation in terms of value creation.”
Mobi724 also noted in its financials that it decreased its operating loss by 47 percent to C$0.8 million compared to C$1.7 million in Q1.
It was noted that the company had numerous highlights throughout the quarter, including increased efficiency, reduced costs and improved cash flows. The company pursued multiple partnerships in several countries including the Philippines.
On a year-over-year basis, Mobi724 said that its revenues increased slightly to C$793,000 as compared to C$782,000 in the same period in the prior year.
However, the company noted that while it posted a net loss of C$0.9 million in this quarter, it had a net income of C$0.5 million in the second quarter of 2017.
Following the announcement, shares of Mobi724 were down 16.67 percent to close the trading session at C$0.10. Meanwhile, shares of Mobi724 have a “Sell” ranking on TradingView with 13 verticals against, nine as “Neutral” and four in favor.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.