Company Also Reports Increased Revenue of 143% for Nine Months Over the Same Period in the Prior Year
SANTA BARBARA, CA / ACCESSWIRE / November 20, 2018 / CloudCommerce, Inc. (CLWD), a leading provider of data driven marketing and communication solutions, today announced the filing of its third quarter 2018financial results, with consolidated financials showing continued improvement across all financial metrics over the previous year-over-year quarter.
Total revenue for the three months ended September 30, 2018 was $3,276,852, an increase of 37% over the same quarter in the prior year. The net loss decreased to ($104,893), a reduction of 71% over the same quarter in the prior year.
Total revenue for the nine months ended September 30, 2018 was $8,750,610, an increase of 143% over the same period in the prior year. The net loss decreased to ($1,263,586), a reduction of 25% over the same period in the prior year. This progress was initially due to the acquisition of Parscale Digital, then fueled by subsequent organic operating results.
"We're pleased to announce this most recent quarter showing improved results from our operations," commented CloudCommerce CEO Andrew Van Noy. "We're encouraged by the efforts of our team members to build upon our previous acquisitions, and to nurture the opportunities that have arisen along the way. This progress represents ongoing value for our shareholders, made by our hardworking employees."
CloudCommerce, Inc. (CLWD) is a leading provider of data driven marketing and communication solutions that help clients acquire, engage, and retain their customers by finding actionable information hidden in critical sources of data. We focus intently on using quantitative and qualitative analysis to drive the creation of great user experiences and successful digital marketing strategies and campaigns. Whether it is creating omni-channel experiences, engaging a specific audience, or energizing customers of all types, CloudCommerce believes data is the key to digital success. CloudCommerce's goal is to become the industry leader by always applying a "data first" strategy and acquiring other companies that share this vision.
Matters discussed in this shareholder letter contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
SOURCE: CloudCommerce, Inc.