QuoteMedia Announces 3% Growth in Revenue for Q1 2020
PHOENIX, May 14, 2020 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the three months ended March
31, 2020. These results reflect a 3% increase in year-over-year quarterly revenues, from $2,870,619 in Q1 2019 to $2,966,584 in Q1 2020.
QuoteMedia provides banks, brokerage firms, exchanges, financial portals, private equity firms, financial planners, professional traders and sophisticated investors with economical, high quality stock market data, news, analytics and research information. QuoteMedia provides streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (preformatted content for website integration) and terminal-style applications such as Quotestream Professional desktop and mobile.
“We are happy with our results for this quarter”, said Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. “While we only experienced modest 3% revenue growth, this is occurring in the context of a global pandemic that has severely curtailed economic activity. Our operations have been affected by a range of external factors related to the COVID-19 pandemic that are outside of our control. Some clients have been unable to continue operations due to the financial strain resulting from current economic conditions. In other cases, the uncertainty caused by the COVID-19 pandemic has caused a slow-down in clients’ or prospects’ purchasing decisions, or product and service implementations. All of this has tempered our revenue growth, but we are still making gains despite the current climate.
“We are seeing that the economic downturn could also be a source of opportunities, as the added pressure on financial sector firms to find more efficient and cost effective solutions to their data and technology needs could lead to greater demand for QuoteMedia’s offerings. We have already seen an increase in individual subscriptions for our Quotestream product in March and April. Of course, the situation surrounding the COVID-19 pandemic remains fluid, and we are continuing to actively manage our response and assess potential impacts to our financial position and operating results.