Business
Adcore Reports Third Quarter 2022 Operating Results
Highlighted by a Record Third Quarter Gross Profit of CAD$3.4 million, a 45% YoY Growth ...
About this update from Adcore Inc
[{"type":"text","content":"Adcore Reports Third Quarter 2022 Operating ResultsHighlighted by a Record Third Quarter Gross Profit of CAD$3.4 million, a 45% YoY GrowthTORONTO, ON / ACCESSWIRE / November 14, 2022 / Adcore Inc. (the \"Company\" or \"Adcore\") (TSX:ADCO)(OTCQX:ADCOF)(FSE:ADQ)(TSX:ADCO-WT), a leading e-commerce advertising management and automation platform to leverage digital marketing in an effortless and accessible way (\"Effortless Marketing\"), today announced its financial results for the three and nine months ended September 30, 2022.\"We reported a very strong third quarter highlighted by improved results across all our key metrics including substantially improved gross profit performance, consistent with our strategy of pursuing a higher margin revenue model,\" Omri Brill, CEO of Adcore, commented. \"Our ability to provide innovative and efficient marketing solutions is a key driver in our success securing valuable advertising contracts, as demonstrated by the six significant contracts we secured in the third quarter. This represents a total potential annual advertising budget of up to CAD$40 million, the largest potential ad spend ever secured by Adcore in a single quarter.\"\"With our visibility at the close of the second quarter 2022, we felt confident in providing guidance on revenue, gross profit, and gross margin for third quarter 2022. I'm thrilled to report that we exceeded expectations, overdelivering on our projected revenue for the third quarter by 11%, surpassing projected gross profit by 6%, and delivering gross margin slightly higher than anticipated. These results reflect our growing global brand recognition as a leader in digital marketing solutions, and we expect our visibility in the marketplace to further expand as we continue to strategically invest in our growth and secure valuable global advertising contracts. We are energized by our third quarter results and look forward to carrying this momentum through the end of 2022 and beyond.\"Third Quarter Highlights and Year-to-Date HighlightsImproved operational results across all key metrics including North American revenues, direct advertiser revenues, gross margin, and gross profit.Total revenue for the three months ended September 30, 2022 was CAD$7.5 million compared to CAD$10.4 million for the same period in 2021. Total revenue for the nine months ended September 3...