Zedge, Inc. (NYSE American: ZDGE), a leading provider of digital publishing services, has reported a 19% increase in third-quarter revenues, but the company’s earnings declined hurt by an increase in expenses.
Total revenues increased 19% year-over-year to $6.2 million in the third quarter of 2022. At 32.1 million, the number of monthly active users was down 7% during the three-month period.
The company reported a comprehensive profit of $0.61 million or $0.05 per share for the April quarter, on an adjusted basis, compared to $2.58 million or $0.17 per share in the prior-year period.
“Looking at our financial performance, GuruShots’ revenue contribution was minimal this quarter in light of the timing of the closing and, as expected, it reported losses. Despite this, our consolidated Adjusted EBITDA grew faster than revenue and Zedge Premium’s Gross Transaction Value (GTV) increased by 63% on the heels of steadily increasing NFT sales in the marketplace,” said Jonathan Reich, chief executive officer of Zedge.
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