QuoteMedia, Inc., a leading provider of market data and financial applications, announced its financial results for the three and six months ended June 30, 2009. According to the press release, second quarter revenue rose from $1,724,396 to $1,836,736, a 7% increase, year-over-year. Revenue for the six month period ended June 30, 2009 increased 10% to $3,747,560 from the $3,412,071 reported for the same period a year earlier.
â€œAs expected, the global recession has continued to affect QuoteMedia’s revenue growth, which remained relatively flat during the second quarter of 2009, and we anticipate that the weakened economy will result in moderated growth for the balance of the year,â€ says Keith Guelpa, President of QuoteMedia, Inc. â€œHowever, this economic downturn continues to be a source of opportunity as the added pressure on financial sector firms to find more efficient and cost effective solutions to their data and technology needs is opening many new doors for QuoteMediaâ€™s offerings.â€
He continued to say, â€œThe general trend has been the reduction or termination of services by some smaller clients who are struggling or ceasing operations as a result of the current market conditions, while larger prospective new clients have been approaching us about replacing their current solutions. In some cases, these larger opportunities will take extended periods to produce revenue streams, given the scale of the contemplated deployments and the time required to terminate their existing provider contracts. During the quarter, Quotestream Professional, our streaming real-time market data terminal for brokers and financial professionals, has garnered increasing interest and broader market penetration, with a significant number of new client firms commencing their initial rollout. Additionally, the company has completed negotiations with respect to several large scale enterprise deployments encompassing solutions spanning a wide array of our product offerings.
â€œWe experienced a loss for the second quarter of $200,819 compared to a loss of $360,758 in the comparative quarter. The loss for the six months ended June 30, 2009 was $401,125 compared to a loss of $715,677 in the comparative period. This represents a 44% improvement in operating results for the three and six month periods. In view of the current economic conditions, we are satisfied with our progress to date, and we believe that we are on target to meet our long term objectives, â€ Mr. Guelpa concluded.