Business
Weyland Tech Reports Revenue up 76% to Record $15.0 Million in Q1 2020
Weyland Tech Reports Revenue up 76% to Record $15.0 Million in Q1 2020.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, May 15, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of mCommerce platform-as-a-service (PaaS), reported results for the first quarter ended March 31, 2020. All quarterly comparisons are to the same year-ago period unless otherwise noted. Q1 Financial Highlights Revenue increased 76% to a record $15.0 million. The increase was due to a $3.3 million or 38% increase in subscription revenue generated by the company’s CreateApp B2B mCommerce platform and $3.2 million contributed by its new Push Interactive subsidiary acquired on January 8, 2020.Consolidated gross profit increased 75% to $2.6 million or 17.7% of consolidated revenue. Cash and cash equivalents and restricted cash totaled $4.0 million at March 31, 2020. Q1 2020 Operational Highlights Acquired the assets and operations of Push Holdings to launch mobile apps in North America leveraging Weyland’s mCommerce and mobile fintech solutions, as well as offer Push’s eCommerce products and services globally.Partnered with Indosat Ooredoo, Indonesia’s second largest telecom provider, to launch a nationwide marketing campaign for CreateApp in Indonesia.Launched CreateApp in Taiwan to reach the more than 1.3 million small-and-medium sized businesses (SMBs) across the country and help them easily establish a mobile presence.Partnered with Medias-Com’S SA, a Swiss company specializing in media and communication in order to launch its CreateApp mobile commerce platform-as-a-service in Italy.Increased adoption of CreateApp mobile app solution for small and medium-sized businesses, which included existing customers subscribing to additional features and modules. The CreateApp user base, comprised of businesses across Southeast Asia, grew to more than 390,000 during the quarter. Management Commentary   “Our record topline performance in the first quarter was primarily due to the continued adoption of our CreateApp Platform-as-a-Service by SMBs, plus a nearly full quarter of revenue generated from Push Interactive that we acquired on January 8th,” said Weyland Tech CEO, Brent Suen. “CreateApp and Push both provide ‘e-Commerce enablement,’ with these services now becoming more important than ever for businesses and brands in an increasingly mobile world. ...