Finger Motion Updates Gross Transaction Volume Run Rate
- S&P 500, Dow end at record highs as weak jobs data eases rate worries
- U.S. Added Only 266,000 Jobs in April, Well Below Estimates
- Roku (ROKU) Surges After Crushing Profit Estimates to Prompt an Upgrade to 'Buy' at Loop Capital
- Dollar broadly weaker after U.S. jobs data disappoint
- Square (SQ) Tops Q1 EPS by 25c
Record Monthly GTV Run Rate of $736 Million
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
NEW YORK, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Finger Motion, Inc. (OTC QB: FNGR), a US FinTech company with mobile payment and recharge platform operations in China, is pleased to announce that the company’s preliminary Gross Transaction Volume (GTV) for the second quarter was $184 million, which represents a 16% quarter over quarter increase versus the $158 million achieved in the first fiscal quarter ending May 31st. This translates to an annual run rate of $736 million.
This was also the Company’s first full quarter of operations in its new SMS business. While the top-up business is continuing to ramp and grow organically, the SMS business has started and has exceeded our internal projections. SMS preliminary revenues were 8.6 million RMB (USD $1.2 million) in the second quarter, which we believe is a result of existing customers seeing our value proposition and asking our business to do more.
Martin Shen, CEO of FingerMotion, Inc. said, “Profitability is our next major milestone as we hope to join a very select group of large cap Chinese e-commerce companies that are operating in the black. Many of our peers in this sector with multi-billion-dollar valuations have positioned themselves to focus on user growth. Our top-up platform has allowed us to partner with the largest e-commerce platforms in China, providing us with access to one of the largest aggregate user bases in the country; thus, our focus is on monetizing this source of over two billion users. We have built the foundation to reach our milestones organically, and we look for opportunities to accelerate our growth as our story gets progressively better.
About Finger Motion Inc.
FingerMotion, is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. It is one of five companies in China with access to wholesale rechargeable minutes from China’s largest mobile phone providers that can be resold to consumers. As the user base of its primary business continues to grow, the company is developing additional value-added technologies to market to its users. The vision of the company is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications. Developing a highly engaged ecosystem of users would strategically position the company to onboard larger customer bases. FingerMotion eventually hopes to serve over 1 billion users in the China market and eventually expand the model to other regional markets.
Safe Harbor StatementThis release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements give our current expectations of forecasts of future events. All statements other than statements of current or historical fact contained in this release, including statements regarding our future financial position, business strategy, new products, budgets, liquidity, cash flows, projected costs, regulatory approvals or the impact of any laws or regulations applicable to us, and plans and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “should,” “estimate,” “expect,” “hope,” “intend,” “may,” “plan,” “project,” “will,” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations about future events. While we believe these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond our control. Our actual future results may differ materially from those discussed or implied in our forward-looking statements for various reasons. Factors that could contribute to such differences include, but are not limited to: international, national and local general economic and market conditions; demographic changes; the ability of the Company to sustain, manage or forecast its growth; the ability of the Company to manage its VIE contracts; the ability of the Company to maintain its relationships and licenses in China; adverse publicity; competition and changes in the Chinese telecommunications market; fluctuations and difficulty in forecasting operating results; business disruptions, such as technological failures and/or cybersecurity breaches; and the other factors discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof. We do not undertake any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
For further information e-mail: firstname.lastname@example.orgSource: FingerMotion, Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Merck (MRK) Declares Record Date and Dividend for the Organon & Co. Spinoff
- Valneva SE (VLAN) Prices 2.318M ADS IPO at $26.41/ADS
- NBC News Anchor Richard Lui to Participate in AAPI Webcast
Create E-mail Alert Related CategoriesGlobe Newswire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!