Content distribution platform Zedge, Inc. (NYSE American: ZDGE) has reported higher net income for the third quarter of 2024, on an adjusted basis. The bottom line benefitted from a double-digit increase in revenues.
Total revenues moved up 13.8% year-over-year to $7.7 million in the April quarter. At the end of the quarter, Zedge had around 27.7 million monthly active users.
The company reported adjusted earnings of $0.50 million for the third quarter, compared to $0.30 million in the prior-year quarter. On a per-share basis, earnings increased to $0.03 in Q3 from $0.02 in the corresponding period of 2023.
“I’m especially encouraged that we followed up record quarterly revenue in Q2 with record Q3 revenue and that we did not see the customary post-holiday hangover. Our work to optimize our advertising stack continues to pay off, and iOS subscription revenue was up more than 11% sequentially,” said Jonathan Reich, chief executive officer of Zedge.