QuoteMedia Announces Small Growth in Revenue for Q2 2020

PHOENIX, Aug. 12, 2020 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the three and six months ended June 30, 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.

Revenue for the three months ended June 30, 2020 was $3,029,199 versus $2,984,846 in the comparative 2019 period, resulting in a 1% increase.

Revenue for the six months ended June 30, 2020 was $5,995,783 versus $5,855,465 in the comparative 2019 period, resulting in a 2% increase.

“We are comfortable with our results for this quarter”, said Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. “As we mentioned when releasing our results for the previous quarter, while we only experienced modest revenue growth, it occurs in the context of the severe economic disruption caused by the COVID-19 pandemic. Our operations continue to be affected by a range of factors related to the global pandemic that are outside of our control. Prime among them is that the uncertainty caused by the COVID-19 pandemic has caused a slow-down in clients’ or prospects’ purchasing decisions, or product and service implementations. In other cases, clients have suspended operations, due to the financial strain resulting from current economic conditions. Although this has tempered our revenue growth, we are pleased to still be experiencing modest gains despite the current climate. 

“In part, our continued growth, although constrained, is due to the fact that the current economic downturn has also been a source of some opportunities, as the added pressure on financial sector firms to find more efficient and cost effective solutions to their data and technology needs is leading to a continuing demand for QuoteMedia’s offerings. 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, even as we look forward to the eventual economic recovery.