PHOENIX, Aug. 10, 2018 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data, financial web content solutions and desktop and mobile financial applications, announced financial results for the three and six months ended June 30, 2018. These results reflect a 20% revenue increase for the quarter.
QuoteMedia posted second quarter revenue of $2,798,570, up from $2,339,265 in the comparative period in 2017, an increase of $459,305. Revenue for the six months ended June 30, 2018 was $5,465,810, up from $4,627,718 in the comparative period in 2017, an increase of $838,092 (18%).
“We are very pleased with the significant revenue growth we have experienced across all product lines,” said Robert J. Thompson, QuoteMedia’s Chairman of the Board. “What is even more satisfying, however, is that we continued to improve our bottom line, earning a profit of $112,536 and $120,697 for the three and six month periods ending June 30, 2018, respectively, compared to losses of $378,411 and $860,616 in the prior 2017 periods.
“We also saw our gross margins improve to 49% for the three and six month periods ending June 30, 2018, up from 47% and 45% in the comparative 2017 periods.
“This was a strong quarter for QuoteMedia, and we expect to remain on this trajectory throughout the remainder of the year and beyond. We are continuing to aggressively grow our market share and develop important relationships with clients and partners. We are also creating exciting new product and service offerings, and proceeding with several major enterprise client deployments. We anticipate strong financial results throughout the remainder of 2018.”
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides data and services for companies such as the NASDAQ Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), FIS, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, JPMorgan Chase, JitneyTrade, Hilltop Securities, HD Vest, Intrinsic Research Systems, ING Investment Management, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, Marketwired, FolioFN, Regal Securities, Credential Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, Industrial Alliance, TradeKing, Suncor, Virtual Brokers, Equities.com, Leede Jones Gable, Vision Financial Markets, Firstrade Securities, Divy Inc., Motif Investing, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, SNN Incorporated and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.
Statements about QuoteMedia's future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company's SEC reports and filings and are subject to change at any time. QuoteMedia's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Dave Shworan, (877) 311-9911 ext. 101
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