QuoteMedia, Inc., a leading provider of market data and financial applications, announced financial results for the three and nine months ended September 30, 2007. The results reflect a 56% increase in third quarter revenues and an increase of 51% for the nine months. At the end of September 30, 2007, QuoteMedia’s deferred revenue balance was up 39% which refers to revenue represented in customer’s advance payments that will be recognized as revenue in future quarters when the services are performed.
QuoteMedia provides comprehensive financial stock market data and research solutions for online brokerages, clearing firms, banks, public corporations, media portals and financial service companies. The company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, and other industry analysis and reports. QuoteMedia provides data and other services for the NASDAQ, Forbes.com, Dow Jones & Company, General Electric and many others.
Keith Guelpa, president of QuoteMedia, Inc. stated, “This is the 18th consecutive quarter of revenue growth, reflecting the broadening market acceptance of our full line of financial data products and the increasing depth of our data offerings, which now cover over 65 stock exchanges worldwide.”
Mr. Guelpa also said the company’s customer base grew substantially during the last three quarters which means that its firm foundation has continued the upward trend. QuoteMedia built on the momentum of the first half with a focus on further commercialization of their products like QuoteStream II and QuoteStream Professional, portfolio management systems for the intermediate and professional trader. There is an expected general release of the programs in the fourth quarter of 2007.
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