PHOENIX, Aug. 12, 2016 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB:QMCI), a leading provider of market data, financial web content solutions and cloud-based applications, announced financial results for the three months ended June 30, 2016. These results reflect second quarter revenue of $2,188,192, down from $2,203,079 in the comparative period in 2015, a decrease of $14,887 (1%).
“This was a quarter characterized by hard work, and seeing those efforts begin to pay off,” says CEO Keith Guelpa. “One of our larger clients significantly reduced its monthly spend with our company during this quarter. Nevertheless, we were able to onboard sufficient new business to completely replace the lost revenue, and even show a small (1%) increase in revenue compared to the previous quarter. In large part, this new revenue was generated as a result of the successful deployment to clients of 3 newly launched product lines: Quotestream TraderTM, which features integrated trading capabilities; Quotestream ConnectTM, which offers API data connections allowing clients to power their own or third party applications, while QuoteMedia still handles Vendor of Record responsibilities; and QModTM, our responsive, SEO-friendly HTML5 market data widgets that self-optimize for all variations of desktop, tablet and mobile devices.
“We are expecting to see revenue growth throughout the rest of this year, particularly in the final quarter, as the clients that are in the process of implementing our new products, or further integrating with QuoteMedia, will be completing rollout to their users. We are continuing our development efforts, expanding our product lines and broadening our data coverage, and we are very excited by our new partnerships and the opportunities we are facing. We are looking forward to a strong second half of 2016.”
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides data and services for companies such as the NASDAQ Stock Exchange, TMX Group (TSX Stock Exchange), Dow Jones & Company, FIS, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, JP Morgan, CIBC, JitneyTrade, Southwest Securities, HD Vest, Intrinsic Research Systems, ING Investment Management, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, Marketwired, FolioFN, Regal Securities, ChoiceTrade, Qtrade Financial, Mackie Research Capital, CNW Group, Schaeffer's Investment Research, Brean Capital, TradeKing, Suncor, Virtual Brokers, Equities.com, Leede Jones Gable, Divy Inc., Motif Investing, First Financial, Stock-Trak and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit: www.quotemedia.com.
Statements about QuoteMedia's future expectations, including future revenue, earnings, and transactions, as well as all other statements in the press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company's SEC reports and filings, and are subject to change at any time. QuoteMedia's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.