Business
Weyland Tech Reports Q2 2020 Revenue up 30% to $9.3 Million
Weyland Tech Reports Q2 2020 Revenue up 30% to $9.3 Million.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of eCommerce, mCommerce, and fintech business enablement solutions, reported results for the three and six months ended June 30, 2020. All quarterly and first half comparisons are to the same year-ago period unless otherwise noted. Financial Highlights Revenue in the second quarter of 2020 increased 30% to a $9.3 million.Consolidated gross profit in the second quarter of 2020 decreased 4% to $1.2 million or 13.1% of consolidated revenue versus $1.3 million or 17.7% of consolidated revenue in the year-ago quarter. For the first half of 2020, consolidated gross profit increased 39% to $3.9 million or 15.9% of consolidated revenue versus $2.8 million or 17.7% of consolidated revenue in the first half of 2019. Cash and cash equivalents and restricted cash totaled $3.9 million at June 30, 2020. Q2 2020 Operational Highlights Launched CreateApp m-Commerce platform-as-a-service in Italy as the country reopened following the COVID-19 lockdown. CreateApp allows the 172,000 small businesses across the country to easily and affordably establish a new mobile presence.  Expanded popular food delivery service, AtozGo, to residential consumers in Jakarta and reached 800 deliveries per day being ordered by more than 2,300 registered residential users. Many new merchants have also signed up for AtozGo, now totaling more than 35,000, providing a broader selection of options available to AtozGo customers. Subsequent Events Partnered with ShopeePay, Indonesia’s integrated e-money services, to launch a new marketing campaign for Weyland’s fast-growing AtozGo™ food delivery service in Jakarta.Reached an agreement to acquire Fixel AI, an award-winning innovator of digital marketing technology. Fixel’s audience engagement platform provides startups to Fortune 500 companies the ability to dramatically enhance their online marketing spend by segmenting and ranking website visitors based on their level of engagement.Launched new digital marketing campaign in Taiwan and Indonesia for CreateApp. The launch in Indonesia follows a successful pilot marketing program recently completed in Taiwan that included new online seminars hosted by CreateApp’s chief product officer and founder, Eddie Foong. This resulted in mo...