FingerMotion (NASDAQ: FNGR), a mobile services and data company, has announced its financial results for the third quarter ended Nov. 30, 2022. Among the highlights, the company reported record quarterly revenue of $11.40 million and a quarterly increase in revenues of 93% compared to Q3 2022. “The Chinese ‘lockdowns’ are over now, but during the quarter they still had an impact on the company’s revenue mix,” said Martin Shen, CEO of FingerMotion. “The company managed the quarter by focusing available resources to the top-up business as our corporate SMS customers were not interested in driving traffic to retail establishments that were closed. Now that China has opened up again, the company expects a resumption of the upward trend and a dramatic acceleration in topline revenue growth. And while margins were temporarily depressed, they are expected to rebound substantially in the ensuing quarter. We are also encouraged to see the start of revenue from mobile phone sales and subscriptions. We are very optimistic that we will see notable growth in this area and the Big Data in the future.”
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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 over 1 billion users in the China market and eventually expand the model to other regional markets.
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