iPass (IPAS) Reports In-Line Q3 EPS

November 3, 2016 4:52 PM EDT

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iPass (NASDAQ: IPAS) reported Q3 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $15.9 million versus the consensus estimate of $15.99 million.

"The third quarter exemplified our previous commentary on this year; 2016 is about execution coming off 2015 that set the course for change," said Gary Griffiths, president and CEO. "First, our ACV continues to ramp, and we are finding more and more varied opportunities to sell the iPass service. Enterprises are still drawn to the value proposition, but we are unleashing an ever expanding market for our technology, as the iPass SmartConnect SDK finds its way into mobile operators, MVNOs, loyalty programs, social networking apps, and digital media providers. Second, while we spent some cash in the first quarter, we have stemmed that burn and our cash balance is flat over the last six months. Third, we've seen continued and significant improvements in our product, as measured in both connectivity success rates and data collection and processing. And finally, growth; as our third quarter revenues again grew year over year, driven by explosive growth in strategic partner revenue, and also growth in usage of nearly 60%."

For earnings history and earnings-related data on iPass (IPAS) click here.

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