Zedge Inc (ZDGE) Reports Q4 and Full-Year Fiscal 2023 Results
Zedge Inc (ZDGE) reports a 2.6% increase in total revenue for FY23 compared to FY22
Advertising revenue decreased by 10% while digital goods and services saw a significant increase of 177.7% in FY23
The company reported a net loss of $6.1 million for FY23, compared to a net income of $9.7 million in FY22
Zedge Marketplace metrics show a 14.3% increase in Gross Transaction Value (GTV) for Q4 FY23 compared to Q4 FY22
On October 26, 2023, Zedge Inc (ZDGE), a leader in building digital marketplaces and friendly competitive games, announced its fourth quarter and full-year fiscal 2023 results. The company faced several geopolitical, macro-economic, and industry-specific challenges during the fiscal year 2023, but managed to end the year in a stronger position with respect to product, operations, and talent.
Financial Highlights
The company reported a total revenue of $27.2 million for FY23, marking a 2.6% increase from the previous fiscal year. Advertising revenue, however, decreased by 10% to $18.3 million. The most significant growth was seen in digital goods and services, which increased by 177.7% to $4.6 million. The company reported a net loss of $6.1 million for FY23, compared to a net income of $9.7 million in FY22.
Zedge Marketplace Metrics
Zedge Marketplace saw positive momentum in its subscription offerings. The Gross Transaction Value (GTV) for Q4 FY23 was $0.38 million, marking a 14.3% increase from Q4 FY22. The company also reported a total of 621.0 million cumulative installs, a 9.1% increase from the previous year.
Future Plans
Looking ahead to fiscal 2024, Zedge Inc (ZDGE) plans to capitalize on its experience in generative AI, marketing, data and analytics, gamification, and monetization. The company has several new product initiatives planned for the Zedge Marketplace, including the global availability of pAInt, introducing pAInt on the web, and the launch of a stand-alone AI app in early 2024.
About Zedge Inc (ZDGE)
Zedge Inc (ZDGE) builds digital marketplaces and friendly competitive games around content that people use to express themselves. Their leading products include Zedge Ringtones and Wallpapers, a freemium digital content marketplace offering mobile phone wallpapers, video wallpapers, ringtones, notification sounds, and pAInt, a generative AI wallpaper maker; GuruShots, a skill-based photo challenge game; and Emojipedia, the #1 trusted source for all things emoji.
Explore the complete 8-K earnings release (here) from Zedge Inc for further details.
This article first appeared on GuruFocus.
