NetworkNewsBreaks – FingerMotion Inc. (NASDAQ: FNGR) Releases Financial Report for Q1 2023
FingerMotion (NASDAQ: FNGR), a mobile services and data company, is reporting its financial results for first quarter 2023, which is the period ending May 31, 2022. A highlight of the report showed a record quarterly revenue of $4.86 million; the report noted that that number included FNGR’s SMS & MMS and telecommunications products & services businesses. The report also noted a 13% quarterly decline in the company’s telecommunications products & services business revenue, along with a quarterly cost of revenue of $4.48 million and a reported quarterly loss of $1.44 million. FNGR also noted that its big data business showed no revenue for the quarter. The report showed assets for the company totaled $9.21 million with current liabilities reaching $5.31 million and total liabilities reaching $5.43 million; the report also showed 42,777,260 common shares were issued and outstanding as of May 31, 2022. General and administrative expenses for the company were up or 5% during the quarter, primarily attributable to costs from building out five lines of business simultaneously, with R&D costs showing an increase of 56% from Q1 2022. The company stated that “softness” in the quarter was a direct result of “lockdowns in China, which had a significant effect on operations, but towards the end of the quarter, were returning to prelockdown levels. “One factor that that seems to be overriding the softness experienced during the lockdown is the migration to 5G,” said FingerMotion CEO Martin Shen in the press release. “The mobile recharge business has strong underpinnings and is expected to continue its growth trajectory and a government stimulus plan may provide a boost to revenue as mobile phone sales started trickling in. . . . We are pleased to announce that the company officially launched its device protection insurance program that has the potential for compounding growth month over month if subscriber growth hits expected targets.”
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FingerMotion (NASDAQ: FNGR), a mobile services and data company, is reporting its financial results for first quarter 2023, which is the period ending May 31, 2022. A highlight of the report showed a record quarterly revenue of $4.86 million; the report noted that that number included FNGR’s SMS & MMS and telecommunications products & services businesses. The report also noted a 13% quarterly decline in the company’s telecommunications products & services business revenue, along with a quarterly cost of revenue of $4.48 million and a reported quarterly loss of $1.44 million. FNGR also noted that its big data business showed no revenue for the quarter. The report showed assets for the company totaled $9.21 million with current liabilities reaching $5.31 million and total liabilities reaching $5.43 million; the report also showed 42,777,260 common shares were issued and outstanding as of May 31, 2022. General and administrative expenses for the company were up or 5% during the quarter, primarily attributable to costs from building out five lines of business simultaneously, with R&D costs showing an increase of 56% from Q1 2022. The company stated that “softness” in the quarter was a direct result of “lockdowns in China, which had a significant effect on operations, but towards the end of the quarter, were returning to prelockdown levels. “One factor that that seems to be overriding the softness experienced during the lockdown is the migration to 5G,” said FingerMotion CEO Martin Shen in the press release. “The mobile recharge business has strong underpinnings and is expected to continue its growth trajectory and a government stimulus plan may provide a boost to revenue as mobile phone sales started trickling in. . . . We are pleased to announce that the company officially launched its device protection insurance program that has the potential for compounding growth month over month if subscriber growth hits expected targets.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
