QuoteMedia, Inc., a leading software developer and syndicator of financial market information and streaming financial data solutions, today reported its financial results for the three months ended March 31, 2009. According to the press release, first quarter revenues increased 13% to $1,910,824 from $1,687,675 in the comparative period in 2008.
â€œAs expected, global economic challenges, including a severe downturn in the financial services sector, had an impact on QuoteMedia’s revenue growth during the first quarter of 2009, as a small portion of our clients who are struggling or ceasing operations have had to reduce or discontinue our services,â€ stated Keith Guelpa, President of QuoteMedia, Inc. â€œThese same economic challenges have also been a significant source of growth opportunities for QuoteMedia, however, as many companies are contacting us, seeking more efficient and cost effective solutions to their data and technology needs.
He continued, â€œConsistent with our focus on expansion, we experienced a loss for the quarter of $200,306 compared to a loss of $354,919 in the comparative period. This represents a 44% improvement in operating results. 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€
â€œWe intend to remain focused intently on our revenue growing strategies, with a particular emphasis on taking advantage of the opportunities presented by the economic conditions facing our industry,â€ concluded Guelpa. â€œOur plan of operation for the remainder of 2009 will continue to center on marketing Quotestream and Quotestream Wireless for enterprise deployment by financial services firms, and on moving even further into the investment professional market with Quotestream Professional. We will also look to continue the market penetration of our Data Feed Services and Interactive Content and Data Applications.â€
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