QuoteMedia announced that its second quarter revenues increased from $852,871 in 2006 to $1.33 million, a 56% increase. The company’s deferred revenue balance, payments received in advance from customers that will be recognized as revenue in future quarter once services are performed, increased 48%.
Keith Guelpa, President of QuoteMedia, Inc., stated, “QuoteMedia continued on the path of revenue building during the first half of 2007. The revenue increases reported largely reflect the strong continuing trend towards an increasingly broad market acceptance of our traditional products. They also indicate the early phase impact of the recent introduction of our expanded data offerings. Our expanded data delivery capabilities include new and more extensive international market data coverage and a much more comprehensive research information capability.”
Earlier this year the company announced new international data coverage covering 40 European, Asian and South American Exchanges including Berlin, Paris, Amsterdam, Madrid, Milan, Vienna, Hong Kong, Shanghai, Australia, Buenos Aires, Sao Paulo and many others. QuoteMedia also successfully added Real-Time Level 2 London Stock Exchange data to its product line.
“After the past 2 years of product engineering and infrastructure strengthening, our short, medium and long term focus is now squarely on market penetration and revenue expansion particularly for Quotestream II™, Quotestream Pro™ and our new raw data feed capabilities. As an integral part of this focus we recently appointed Christensen as our agency of record for public relations and Market 2 World, Inc. as our new product marketing advisors,” said the President of QuoteMedia.
He continued to comment, “As previously forecasted, and consistent with our focus on expansion, we experienced a loss for this quarter of $424,902 and for the six months ended June 30, 2007 of $796,987. While we expect that we will continue to incur short term losses for several further quarters, we also expect our revenues to continue to rise and overtake the new and increased front-end cost commitments we have undertaken, which are a prerequisite to supporting the development, launch and operation of our new and internationally expanded product offerings. We believe that we are well positioned and on track to meet our longer term objectives.”
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