|AS REPORTED BY QMCI|
QuoteMedia, Inc. (OTCBB: QMCI), a leading provider of market data and financial applications, announced financial results for the three and six months ended June 30, 2010. These results reflect a 4% increase in second quarter revenue, to $1,918,472 from $1,836,736 in the comparative period in 2009. Revenue for the six months ended June 30, 2010 increased 5%, to $3,921,475 from $3,747,560 in the comparative period in 2009.
“As we previously forecast, the global economic downturn and the challenges facing the financial services sector, in particular, have had a considerable impact on our operating results over the first two quarters of this year," says Keith Guelpa, President of QuoteMedia, Inc. "Given these challenges, it is especially gratifying to see continued revenue growth.
"Looking forward, we expect to see revenues increase quarter over quarter for the remainder of the year, and solid improvement in revenues for both Q3 and Q4 over the comparative periods in 2009. This is largely due to the fact that projects and opportunities that have been in development over the past several quarters are finally moving forward and beginning to produce revenue streams - a prime example being the recently announced agreement to provide market data solutions for TMX Group, the parent company of the Toronto Stock Exchange and other financial market subsidiaries.
“We continue to be on target to meet our long term objectives and are on track for another positive growth year for QuoteMedia.”
QuoteMedia is a leading software developer and syndicator of financial market information and streamin