Business
Data Storage Corporation Reports 76% Increase in Revenue for the Second Quarter of 2021
Data Storage to host conference call today, August 16, 2021, at 11:00AM ET MELVILLE, N.Y., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq:
About this update from Data Storage Corporation
[{"type":"text","content":"Data Storage to host conference call today, August 16, 2021, at 11:00AM ET\nMELVILLE, N.Y., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Data Storage Corporation (Nasdaq: DTST) (the “Company”), a provider of diverse business continuity, disaster recovery protection, and cloud infrastructure solutions and services, today provided a business update and reported its financial results for the second quarter ended June 30, 2021. Chuck Piluso, CEO of Data Storage Corporation, stated, “I am pleased to report we achieved a 76% increase in revenue for the three months ended June 30, 2021, compared to the same period last year. Specifically, we reported growth across all of our product lines, and expect to maintain strong organic growth going forward. Specifically, revenue for Infrastructure & Disaster Recovery/Cloud Services increased 25%; revenue for Equipment and Software increased 208%; revenue for Managed Services increased 269%; and revenue for Nexxis VoIP services increased 19%. We attribute this success to an increase in monthly subscription revenue and additional sales from the Flagship Solutions merger.” “As a leading provider of IBM solutions, managed services and cloud solutions, Flagship’s offerings and established customers are highly complementary to our business. It’s also important to note that the increase in reported revenue for the second quarter of 2021 includes just one month of Flagship results, June, since we completed the merger on May 31, 2021. Looking ahead, we see substantial opportunities to cross-sell solutions across Data Storage and Flagship’s respective clients. We are also benefitting from other synergies following the acquisition, which we believe will help drive further operational efficiency across the organization.” “Given our expanded offering following the acquisition, we realigned our sales and marketing strategy to focus more heavily on four key verticals, where we have particularly strong sector expertise and see significant growth opportunities. These verticals include sports, banking & finance, healthcare, and government. Although we will still focus on opportunities in other sectors, we believe this new strategy will help accelerate our organic growth. Overall, we believe we are well positioned. The target marketplace for Infrastructure as a Service and Disaster Recovery as a Service is estimated at over...