FingerMotion (NASDAQ: FNGR), a mobile services and data company, is reporting on its financial performance for its second quarter 2023, which ended Aug. 31, 2022. Highlights of the report include record quarterly revenue of $4.98 million, which includes numbers from FingerMotion’s SMS & MMS and Telecommunications Products & Services businesses as well as its Big Data division; a 64% quarterly increase in Telecommunications Products & Services business revenue and a 91% quarterly increase in Big Data revenue — those increases are compared to the second-quarter 2022 figures. In addition, the report noted a decline in SMS & MMS business revenue. The company also reported $4.57 million quarterly cost of revenue, which represents a 3% decrease over Q2 2022 numbers and a quarterly loss of $1.54 million, which was up 6% from the year before. The company reports $1,984,562 cash in hand along with a working capital surplus of $6,728,711 and positive shareholders’ equity of $2,168,824. According to the announcement, the company grew during the quarter, seeing sequential topline revenue reach $4.98 million, a 2.5% increase over the preceding quarter, and anticipates that operations are returning to pre-lockdown levels with expectations of resuming growth. “During the quarter our SMS & MMS business was soft due a number of lockdowns that impacted the demand for SMS messages from our corporate customers who use the service to drive traffic to their retail locations,” said FingerMotion CEO Martin Shen in the press release. “Fortunately, the company was able to redistribute resources normally allotted for SMS business toward the mobile recharge business. Now that we stabilized revenue, our focus is to increase it while at the same time optimizing the product mix to maximize our margins. We would also like to point out that we are starting to see revenue from mobile phone sales and subscriptions. We are very optimistic that we will see notable growth in this area and Big Data in the future.”
To view the full press release, visit https://ibn.fm/HGjLd
About FingerMotion Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the company is developing additional value-added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases. FingerMotion eventually hopes to serve more than 1 billion users in the China market and eventually expand the model to other regional markets. For more information about the company, please visit www.FingerMotion.com.
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