Business
FingerMotion Reports Q2 2022 Financial Results
NEW YORK, NY / ACCESSWIRE / October 14, 2021 / FingerMotion, Inc. (OTCQX:FNGR) (the "Company" or "FingerMotion"), a mobile services and data company, is
About this update from Fingermotion, Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / October 14, 2021 / FingerMotion, Inc. (OTCQX:FNGR) (the \"Company\" or \"FingerMotion\"), a mobile services and data company, is pleased to report its financial results for the second quarter ended August 31, 2021. To review the full financial results, please view the Company's recent 10-Q filing at www.sec.gov/edgar/search, which should be read in connection with this news release.Q2 2022 Financial Summary (results expressed in US$ unless otherwise indicated):Reported quarterly revenue of $5.39 million (includes SMS & MMS, Telecommunications Products & Services businesses, and Big Data);Reported quarterly growth in SMS & MMS business revenue of $0.73 million or 25% compared to Q2 2021;Reported quarterly growth in Telecommunications Products & Services business revenue of $1.0 million or 142% compared to Q2 2021;Reported revenues of $32,702 in Big Data;Reported quarterly cost of revenue of $4.69 million which was an increase of $1.33 million or 39% compared to Q2 2021;Reported quarterly net loss of $1,454,617 which was an increase of $0.49 million or 51% compared to Q2 2021;Basic and Diluted loss per share of $0.04;At August 31, 2021, FingerMotion had $878,085 in cash, a working capital surplus of $5,037,533, and a positive shareholders' equity of $5,228,987;Total Assets were $9.38 million, Total Current Liabilities were $4.15 million and Total Liabilities were $4.15 million; and42,201,260 common shares were issued and outstanding as of August 31, 2021.Strong growth continued in both the Telecommunications Products & Services (mobile recharge platform) and the SMS & MMS texting service.\"The second quarter generated solid revenue of $5.39 million and saw continued growth in year over year revenues,\" stated Martin Shen, CEO of FingerMotion. \"Growth continues unabated with the SMS texting due to our optimized prepayments of bulk inventory purchases. Contributing to the growth and margin expansion was from the subscription plan and the mobile phone sales. These optimized purchase programs and hardware sales and service improved gross profit from 7% to 13%. The Company is seeing strong demand in SMS from our corporate clientele. This is the third consecutive quarter of Big Data revenues and we expect it to continue and eventually outpace our existing revenue streams.\"General and administrative expenses...