Content distribution platform Zedge, Inc. (NYSE American: ZDGE) has reported a net loss for the third quarter of 2023, compared to a profit last year. However, the tech firm’s revenues increased by 8%.
Total revenues moved up 8% year-over-year to $6.7 million in the April quarter. At the end of the quarter, Zedge had around 32.0 million monthly active users.
The company reported a net loss of $7.7 million or $0.55 per share for the third quarter, compared to a profit of $0.8 million or $0.05 per share in the prior-year period.
“In the Zedge marketplace, Monthly Active Users (MAU2), Average Revenue Per MAU (ARPMAU2), and Zedge Premium’s Gross Transaction Value (GTV2) were all essentially flat compared to last year despite a much stronger economy in the year-ago period,” said Jonathan Reich, chief executive officer of Zedge.