Business
uSell.com Reports Third Quarter 2017 Results
uSell.com Reports Third Quarter 2017 Results.
About this update from Phonex Holdings, Inc.
[{"type":"text","content":"Revenue Increased 16% to a Quarterly Record of $28.9 MillionGross Merchandise Volume (a non GAAP measure) Increased by 37% to a Quarterly Record of $34.0 MillionNEW YORK, NY / ACCESSWIRE / November 15, 2017 / uSell.com (OTCQB: USEL), a large market maker of used smartphones, today reported financial and operational results for the three-month period ended September 30, 2017.Key Business Highlights for Third Quarter and First Nine Months of 2017: Launched new platform to enable select buyers to purchase directly through an online portal Continued to invest in warehouse operations in order to increase capacity, decrease processing lead-time, and provide device level traceability to suppliers Largest supplier's share of purchases dropped to 34% for the three months ended September 30, 2017, down from 62% during the same period in 2016 Gross Merchandise Volume (\"GMV\"), a non-GAAP financial measure, which we began reporting for the second quarter, increased by 37% and 30% for the quarter and the nine months ended September 30, 2017, respectivelyKey Financial Highlights for Third Quarter 2017: Revenues increased by $4,056,000, or 16%, to $28,873,000 for the three months ended September 30, 2017, from $24,817,000 for the three months ended September 30, 2016 Operating loss for the three months ended September 30, 2017 was $288,000, compared to $7,000 for the three months ended September 30, 2016, a change of $281,000 Net loss for the three months ended September 30, 2017 was $625,000, compared to $412,000 for the three months ended September 30, 2016 Adjusted EBITDA, a non-GAAP financial measure, was $203,000 for the three months ended September 30, 2017, compared to $590,000 for the three months ended September 30, 2016 GMV, which is a non-GAAP financial measure, increased by 37% to $34.0 million for the three months ended September 30, 2017, compared to $24.8 million for the three months ended September 30, 2016Key Financial Highlights for Nine Months Ended September 30, 2017: Revenues increased by $8,043,000, or 11%, to $81,142,000 for the nine months ended September 30, 2017, from $73,099,000 for the nine months ended September 30, 2016 Operating loss for the nine months ended September 30, 2017 was $546,000, compared to $1,075,000 for the nine months ended September 30, 2016, an improvement of $529,000, or 49% Net loss for the n...