Business
Weyland Tech Reports Q2 2019 Results; Recurring Revenue up 53% to $7.1 Million
Weyland Tech Reports Q2 2019 Results; Recurring Revenue up 53% to $7.1 Million.
About this update from Logiq Inc.
[{"type":"text","content":"\nNEW YORK, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Weyland Tech (OTCQX: WEYL) a leading developer and global provider of mobile m-Commerce software solutions, reported results for the first quarter ended June 30, 2019. All quarterly comparisons are to the same period in 2018 unless otherwise noted.\n Second Quarter 2019 Highlights Revenue, which is comprised of recurring subscription fees, increased 53% to $7.1 million.Launched a pilot program of the company’s CreateApp Platform-as-a-Service in Indonesia with the country’s second-largest telecommunications provider.Cash and equivalents totaled $5.3 million at June 30, 2019. Management Commentary “In Q2 2019, we dramatically expanded our recurring revenue stream, generating more than 50% growth,” said Brent Suen, CEO of Weyland Tech. “This was largely due to greater customer adoption of our CreateApp Platform-as-a-Service in our existing markets as driven by our channel partners. This progress has continued into the third quarter, keeping us on track for another year of record growth.” “Also driving our growth is the fact that we are focused on the world’s most engaged mobile users, with more than 350 million ‘mobile-first’ internet users located in Southeast Asia. It’s also a region with the fastest growing adoption of m-Commerce solutions by businesses and consumers. Our more attractive pricing structure implemented during the quarter supported our ability to capture greater market share of the micro and small businesses that make up about 90% of the region’s economy. “We expect our CreateApp platform to continue to gain traction due to its simplicity and versatility, similar to how Shopify provides e-Commerce enabled websites for small businesses. Our business enablement platform requires literally no technical understanding of programming or app design for mobile apps, allowing users to build their own m-Commerce-enabled mobile app in less than two hours. “During the quarter, we also increased our market reach with the launch of a pilot program in Indonesia in partnership with Indosat, one of the country’s leading telecommunications providers. We see this partnership eventually becoming another strong revenue driver. “Since the end of the quarter, we’ve been active in strengthenin...