Business
Data Storage Corporation Reports 2024 Second Quarter Financial Results and Provides Business Update
Gross Profit Margin Increased Over 500 Basis Points to 49.0% for the Second Quarter of 2024 Achieved Profitability for the Six Months Ended June 30, 2024
About this update from Data Storage Corporation
[{"type":"text","content":"Gross Profit Margin Increased Over 500 Basis Points to 49.0% for the Second Quarter of 2024 Achieved Profitability for the Six Months Ended June 30, 2024 MELVILLE, N.Y., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber-security, and IT services, today provided a business update and reported financial results for the three and six months ended June 30, 2024. “We experienced strong growth for the first half of 2024,” commented Chuck Piluso, CEO of Data Storage Corporation. “Specifically, we achieved $13.1 million in sales for the six months ended June 30, 2024, and attained profitability. For the second quarter of 2024, we generated $4.9 million in revenue. While this represents a decline from the previous year's second quarter, it is important to note that the reduction is attributable to the large one-time equipment sales recorded during the second quarter of 2023. Importantly, our gross profit margin increased over 500 basis points to 49.0% during the second quarter of 2024, up from 43.7% in the same period last year. The increased margin is a testament to our disciplined execution and strategic efforts to optimize profitability while building a sustainable revenue base.” “We believe these positive results are a direct result of our growth efforts including the Flagship and CloudFirst consolidation, moving into our new headquarters location, expanding into the United Kingdom, and deploying technical assets at a new data center in Chicago, all of which were completed to support our anticipated growth moving forward. In fact, we are already witnessing the positive effects of the consolidation demonstrated by the expanded contracts secured during the quarter resulting in six-figure and seven-figure contracts with prominent clients.” “To support the traction and growth, we recently expanded into the United Kingdom with the opening of our London office. This strategic move represents a significant milestone in our plan to serve a global clientele and strengthen our presence in key international markets. In addition, we are witnessing an increased demand for our solutions, and as a result we deployed assets to our seventh data center in Chicago. Chicago was strategically selected a...