Business
Cuentas Inc. Announces Strong Q3 Revenue and Appointment of New Chief Financial Officer
Cuentas Inc. Announces Strong Q3 Revenue and Appointment of New Chief Financial Officer.
About this update from Cuentas Inc.
[{"type":"text","content":"\n\n\n\nCuentas Inc. Announces Strong Q3 Revenue and Appointment of New Chief Financial Officer\n\n\n\n\n\nCuentas Inc. Announces Strong Q3 Revenue and Appointment of New Chief Financial Officer\nPR Newswire\nMIAMI, December 20, 2018\n\n\n\nMIAMI, December 20, 2018 /PRNewswire/ --\n\nCuentas, Inc. (CUENTAS) (OTCQB: CUEN), a FinTech service provider delivering mobile banking, online banking, prepaid debit and digital content services to unbanked, underbanked and underserved communities, announced today that it reached over $61 million in sales for the nine months ending Sept 30, 2018 and that the Board of Directors appointed a new Chief Financial Officer.\n\nFinancial Results\n\nTotal combined revenues for the nine-month period ending September 30, 2018 increased to $61.5 million, as compared to $1.7 million for the nine-month period ending September 30, 2017. Gross profit for the nine-month period ending September 30, 2018 increased to $1.1 million, as compared to $0.4 million for the nine-month period ending September 30, 2017. Operating expenses for the nine-month period ending September 30, 2018 increased to $2.8 million, as compared to $2.3 million for the nine-month period ending September 30, 2017. The increase in the total combined revenues, the gross profit and operating expenses was mainly due to the acquisition of Limecom. Net income before controlling interest for the nine-month period ending September 30, 2018 increased to $0.07 million, as compared to a net loss before controlling interest of $2.5 million for the nine-month period ending September 30, 2017. The increase in the net income before controlling interest was mainly due to gain from Change in fair value of stock-based liabilities and the acquisition of Limecom.\n\nTotal Combined Revenues for the three-month period ending September 30, 2018 increased to $20.6 million, as compared to $0.6 million for the three-month period ending September 30, 2017. Gross profit for the three-month period ending September 30, 2018 increased to $0.4 million, as compared to $0.1 million for the three-month period ending September 30, 2017. Operating expenses for the three-month period ending September 30, 2018 increased to $1.1 million, as compared to $0.5 million for the three-month period ending September 30, 2017. The increase in the total combined revenues, the gross profi...