Everything you need to know about Zedge’s Q2 2023 results

Zedge, Inc. (NYSE American: ZDGE), a provider of digital publishing services, has reported a lower net profit for the second quarter of 2023, despite a modest increase in revenues.

Total revenues edged up 1% year-over-year to $6.98 million in the second quarter of 2023. At 32.2 million, the number of monthly active users was down 11% during the three-month period.

The company reported a comprehensive net income of $1.76 million or $0.11 per share for the January quarter, on an adjusted basis, compared to $2.1 million or $0.16 per share in the prior-year period.

Read management/analysts’ comments on quarterly results

“Our second quarter was a mixed one as we navigated geopolitical, economic, and industry-specific challenges, and we were not immune to the forces impacting gaming and other advertising-based business models,” said Jonathan Reich, chief executive officer of Zedge.