— Gross billings fell by 30% to $7.8 million from $11.1 million in the previous year quarter.
— Following capital raise in Q2 2019, the company began making investments in sales, marketing, and engineering to support its growth initiatives. Those investments translated to the start of a topline rebound in Q4 of last year.
— Management believes there will be near term implications for IZEA’s top-line, which could decline if the macroeconomic climate worsens over time.
— The company is expected to assume a slowdown in both bookings and revenue recognition for the foreseeable future and is taking measures to lessen the impact of covid-19 on IZEA.
— The company consolidated certain departments and managerial positions to streamline operations in the Q1 2020. However, the current pandemic will necessitate accelerating more rigid cost control initiatives.