FingerMotion posts 86% revenue surge in Q2 2024, reports mixed Q3 2023 results

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FingerMotion posts 86% revenue surge in Q2 2024, reports mixed Q3 2023 results
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Mobile services and data company FingerMotion Inc. revealed its Q2 2024 financials, showing an impressive 86% revenue increase to $9.28 million. This surge represents a rise of $4.3 million compared to Q2 2023. The revenue growth was driven by various sources including SMS & MMS, telecommunications products and services, and big data sectors. CEO Martin Shen pointed out the company's robust fiscal resource management as a key factor in their positive earnings trajectory and progress towards profitability. Group PLC has also published its Q3 2023 report, which showed a mixed performance across its sectors. The company reported a 14% overall revenue increase, led by its Insurance and Travel sectors, which grew by 38% and 31%, generating £62.3m and £6.1m respectively. Meanwhile, the Money sector saw a decrease of 10%, earning at £25.2m due to high interest rates affecting borrowing product conversion despite strong banking performance and current account promotions.

The Home Services sector experienced a slight decrease of 1%, bringing in £10.3m revenue. This was attributed to a slowdown in broadband switching, which was somewhat offset by growth in mobile switching. The Cashback sector also witnessed a downturn with a 3% decrease to £13.9m revenue, due to challenges in retail and telecom sectors. However, inter-vertical eliminations bucked the trend with an increase of 181% to £2.2m.

Despite these challenges, CEO Peter Duffy expressed confidence about meeting full-year expectations due to the company's resilient business model and ongoing strategic progress. As part of this strategy, launched SuperSaveClub, a rewards and loyalty program under the MoneySuperMarket brand, aimed at driving profitable growth by helping customers save more. Market expectations for adjusted EBITDA for 2023 range from £128.6m to £132.2m, with an average of £129.5m.

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