Affluence Corporation (OTCMKTS:AFFU) Stock In Focus After Q1 Earnings

Smart City Software and Internet of Things (IoT) technology leader Affluence Corporation (OTCMKTS:AFFU) was one of the companies which announced its financial results for the first fiscal quarter of 2023 on Monday. It may well be a good time for investors to consider taking a quick look at the company’s financial results.

Affluence Corporation Announces Record First Quarter Revenue and Record Net Income

The company generated revenues of $887000 and that worked out to sequential growth of a staggering 404%. The company also generated the highest net income in its history. The Chief Executive Officer of Affluence Corporation James E Honan Jr spoke about the company’s performance as well. He noted that the company’s performance in the first quarter had been exceptional on three major fronts- customer base growth, revenues and net income.

The revenues grew by 73% on a year-on-year basis. The company’s net income for the first quarter came in at $277,685. Honan also stated that the revenue that the company generated in the quarter was around 60% of the entire revenues that it had generated in the 2022 fiscal year. He went on to note that the company expected to see the same sort of growth in the future as well.