SINGAPORE, SINGAPORE / ACCESSWIRE / October 16, 2023 / FingerMotion, Inc. (NASDAQ:FNGR) (the "Company" or "FingerMotion"), a mobile services and data company, is pleased to report its financial results for the second quarter of fiscal 2024 for the period ended August 31, 2023. To review the full financial results, please view the Company's recent 10-Q filing at www.sec.gov/edgar/search or on the Company's website at www.fingermotion.com/investor-relations/financial-information/details, which should be read in connection with this news release.
Q2 2024 Financial Summary (results expressed in US$ unless otherwise indicated):
Reported quarterly revenue of $9.28 million (includes SMS & MMS, Telecommunications Products & Services businesses, and Big Data) which was an increase of $4.30 million or 86% compared to Q2 of fiscal 2023;
Reported quarterly increase in Telecommunications Products & Services business revenue of $6.38 million or 227% compared to Q2 of fiscal 2023;
Reported quarterly Big Data revenue of $.77 million compared to $.63 million in Q2 of fiscal 2023;
Reported quarterly decline in SMS & MMS business revenue of $2.1 million or 100% compared to Q2 of fiscal 2023;
Reported quarterly cost of revenue of $7.44 million which was an increase of $2.87 million or 63% compared to Q2 of fiscal 2023;
Reported a gross profit of $1.84 million which was an increase of $1.42 million or 341% compared to Q2 of fiscal 2023;
Reported quarterly loss of $134,081 which was a decrease of $1.40 million or 91% compared to Q2 of fiscal 2023;
Basic and Diluted loss per share of $0.00 versus a loss per share of $0.04 for Q2 of fiscal 2023;
On August 31, 2023, FingerMotion had $4,043,279 in cash, a working capital surplus of $14,031,352 and shareholders' equity of $14,198,601;
Total Assets were $20.30 million, Total Current Liabilities were $6.08 million and Total Liabilities were $6.08 million;
52,381,952 common shares were issued and outstanding as of August 31, 2023.
The Company experienced improved margins in the quarter despite the nuances of managing a more diversified product line. Results are not linear because the telecom sector has sporadic opportunities upon which the Company is able to capitalize, which results in periodic variances in the margins. The Company's active management continually monitors and strives to optimize the divisions to leverage unique opportunities as they present themselves as part of the overall strategic plan.
"As our results show, the Company is making excellent progress toward our goal of profitability," said Martin Shen, CEO of FingerMotion Inc. "It is easy to see our trajectory towards positive earnings results and how our proactive approach to fiscal management of our resources is materializing. One of the highlights of the quarter is the progress we are making towards break even."
General and administrative expenses increased by $358,487 or 28% during the quarter, which was a result of an increase in a range of costs related to Company administration. Research and development expenses dropped to $176,956 during the quarter, which was 11% lower due to savings from data access fees charged by the telecom companies.
About FingerMotion, Inc.
FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China.As the user base of its primary business continues to grow, the Company is developing additional value-added technologies to market to its users. The vision of the Company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the Company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
For more information on FingerMotion, visit: https://fingermotion.com/
Company Contact:
FingerMotion, Inc.
For further information e-mail: [email protected]
Phone: 718-269-3366
Investor Relations Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: [email protected]
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States securities laws. These statements relate to analysis and other information that are based on forecasts or future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". We have based these forward-looking statements on our current expectations about future events or performance, including expected revenues. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. The forward-looking statements included in this release are made only as of the date hereof. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Report Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This news release shall not constitute an offer to sell or the solicitation of any offer to our securities.
SOURCE: FingerMotion
View source version on accesswire.com:
https://www.accesswire.com/793254/fingermotion-reports-q2-2024-financial-results
With the outlook of higher-for-longer solidifying, there's not much that can push yields down in the near-term, and there's still room for them to rise further.
Warren Buffett was worth $500 million when he sat down with for his first-ever national TV interview with PBS in 1985.
Tesla stock had a dreadful week after posting disappointing earnings. RBC’s Tom Narayan thinks investors are missing something important that will generate billions in value down the road. Tesla (ticker: TSLA) posted third-quarter operating profit margins of 7.6%.
The asset manager of Norway’s largest bank just made big changes in its U.S.-traded stock portfolio, including more than doubling a position in a maker of electric vehicles, and selling off tech names that had strong runs in the first three quarters of 2023. DNB Asset Management slashed investments in chip maker Intel (ticker: INTC), software firm Salesforce (CRM), and media and entertainment company Walt Disney (DIS), and materially raised an investment in Chinese EV maker NIO (NIO) in the third quarter. DNB sold 578,619 Intel shares to end the third quarter with 2.5 million shares of the chip maker.
I'm 73 and my 401(k) hasn't been doing well for the last few years. Would it be a good idea for me to withdraw my money from my 401(k) and pay the tax that I will have to pay eventually anyway, and then invest the rest of my money in CDs? -Archie Your desire for […] The post Ask an Advisor: I'm 73 and My 401(k) ‘Hasn't Been Doing Well.’ Should I Withdraw My Money and Invest in CDs? appeared first on SmartReads by SmartAsset.
Dividends are the bread and butter of income investors. You don't need to sell your assets or spend hours every day managing your accounts. Instead, dividend stocks simply generate income on their own. Putting together a portfolio that generates at least … Continue reading → The post How to Make $1,000 a Month in Dividends appeared first on SmartAsset Blog.
Big tech takes center stage at a crucial time for markets as rising bond yields and fear of further Fed tightening have sent stocks lower in recent weeks.
Are we on the brink of a "housing recession" as existing home sales plummet to 2010 levels? Zillow is doubling down on its prediction on home prices.
Both stocks have struggled this year, but at current levels are quite appealing. However, one may be a much better investment than the other
Why hire a financial advisor who will take around 1% percent of your assets per year when you can get a certificate of deposit (CD) at over 5% with no fee? That alone amounts to a 6% return on your … Continue reading → The post Ask an Advisor: ‘Prove Me Wrong.' I Think Investing in CDs Is a Better Deal Than Working With an Advisor appeared first on SmartAsset Blog.
The IRS is set to announce new tax bracket thresholds for the 2024 tax year. One expert says to expect a 5.4% increase from last year.
Microsoft, Meta and Google lead a massive wave of earnings this coming week with the S&P 500 and Nasdaq near recent lows.
The Dow Jones fell sharply with the other major stock indexes ahead of a busy week of high-profile earnings reports in the tech sector.
Investors are about to see whether the stock market has more fuel in the tank. A group of tech stocks known as the Magnificent Seven has powered the S&P 500’s 2023 rally. Most of those companies will open their books in the coming days, allowing investors to gauge whether big tech and the broader market have room to run.
Yes, the housing market has cooled. But there’s wide agreement among experts about one thing.
Welcome, folks, to Week in Review (WiR), TechCrunch's regular newsletter that highlights notable tech industry happenings over the past few days. Life moves pretty fast, as a young Matthew Broderick once said — we empathize. In this edition of WiR, we cover a hacker leaking millions of 23andMe customer records, X's crackdown on porn, Meta's Ray-Ban sunglasses and Marc Andreessen's tone-deaf manifesto.
Earning more money can make it easier to pay the bills, fund your financial goals and spend on hobbies or "fun," but what income is considered to make you rich? The answer can depend on several factors, including where you … Continue reading → The post What Income Level Is Considered Rich? appeared first on SmartAsset Blog.
My wife and I currently have roughly $250,000, with half in our Roth individual retirement account (IRA) and a few small annuities, and the other half in various checking accounts and a money market account. We are both retired, have … Continue reading → The post Ask an Advisor: My Investments Are ‘Dwindling Away Slowly.' Should We Flee to Cash? appeared first on SmartAsset Blog.
Consumer staples is the third worst performing sector this year, but early earnings results show sentiment towards the sector may soon shift.
It's often said that a million dollars isn't as much as it used to be – but how about $2 million? A retirement fund of that amount can provide $80,000 in annual income – without even touching the principal. While … Continue reading → The post Is $2 Million Enough to Retire on at 55? appeared first on SmartAsset Blog.