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QuoteMedia Inc (OTCMKTS:QMCI) Stock On Radar After Q1 Earnings

Ian Leigh , , , ,

Leading provider of market data and financial applications, QuoteMedia Inc (OTCMKTS:QMCI), on May 12, 2023, announced financial results for the quarter ending March 31, 2023. The company gives brokerage firms, banks, financial planners as well as private equity firms, with high-quality alternative sources of stock market data.

Trading Data     

On Friday, QMCI stock jumped 2.96% to $0.2780 with more than 52.72K shares, compared to volume of 19.91K shares. The stock moved within a range of $0.2503 – 0.2780 after opening trade at $0.2510.

QuoteMedia Announces 11% Revenue Growth for Q1 2023

It competes with a number of larger organizations as well as a modest community of other smaller companies. QuoteMedia gives comprehensive market data services, including on-demand request-based data, streaming data feeds, web content solutions as well as applications such as Quotestream Professional desktop and mobile.

Some key highlights of quarter one results include an increase of 11% in revenues to $4,750,048 from $4,263,796 in 2022. Further, its adjusted EBITDA for Q1 2023 was $829,585 vis-à-vis $680,424 in Q1 2022, an improvement of $149,161.

Robert J. Thompson, Chairman of the Board said that 2022 was a significant year for QuoteMedia and that Momentum is continuing in the current year. Thompson added that he expects improved revenue growth for the rest of the year as well as record profitability.

Thompson added that these are exciting times for the company as it continues to develop new partnerships, expand product lines, increase market share, and broaden its presence in the financial data industry. The Chairman expressed satisfaction with the results and anticipates extending its growth and profitability into the foreseeable future.

Ian Leigh

Ian Leigh is a specialist in analyzing stocks, SEC and OTC filings, and financials of public and privately-held companies. He has played a significant role in M&A activity, consulting with publicly-held firms on acquisitions and divestitures. He also consults on valuations and branding. He lectures at major universities and teaches at specialty financial schools.