Revenue increased from $838,266 to $1,160,700 in 2007; a 38% increase. The company’s cash balance increased $241,219 from the previous balance of $1,127,470.
QuoteMedia’s deferred revenue balance increased 63% from $209,708 to $341,357. Deferred revenue represents payments received in advance from customers that will be recognized as revenue in future quarters when the services are performed.
The Company has significantly expanded their data offerings to include international market data, and much more comprehensive research information. Their new international data coverage allows the QuoteMedia to expand into the global market.
Because of the large growth, the company has been required to increase its staff and office space. In order to compensate the demand, QuoteMedia expanded all three existing offices and is opening new offices in Toronto and Dallas. Robert J. Thompson, Chairman of the Board of QuoteMedia, believes that they are positioned in a way to capitalize on major opportunities.
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