CloudCommerce Reports 118% Increase in Revenue During the September 30 Quarter Over Same Quarter in 2016
SANTA BARBARA, CA–(Marketwired – December 11, 2017) – CloudCommerce, Inc. (OTCQB: CLWD), a leading provider of data driven solutions, today commented that the filing of its first quarterly report after its recent acquisition of Parscale Creative (renamed Parscale Digital), shows an increase in consolidated revenue of 118% over the previous year-over-year quarter.
Total revenue for the three months ended September 30, 2017 increased by $1,294,325 to $2,386,999, compared to $1,092,674 for the three months ended September 30, 2016. This increase in revenue was primarily due to adding two months results from the acquisition of Parscale Digital, acquired on August 1, 2017.
The quarterly report did not include consolidated financials for the acquisition of Texas-based digital marketing solutions provider Webtegrity, which was recently announced on November 17, 2017.
The Company reported a net loss of 376,071 for the three months ended September 30, 2017, compared to a net loss of $ 234,570 for the three months ended September 30, 2016. The increased loss was primarily due to an operating loss in the Company’s e-commerce division.
“We’re happy to announce this quarter showing steady results from our M&A activities,” commented CloudCommerce CEO Andrew Van Noy. “We’re encouraged that the acquisitions of both Parscale Digital and Webtegrity have created significant value for our shareholders. This year over year quarterly revenue increase represents the exceptional effort made this year by our team members.”
After completing these transactions in 2017, CloudCommerce intends to continue aggressively seeking out additional companies to acquire in an effort to form a global family of data-driven services and solutions to help leading brands successfully conduct business in the cloud.
CloudCommerce, Inc. (CLWD) is a leading provider of data driven solutions. We help our clients acquire, engage, and retain their customers by finding actionable information hidden in critical sources of data. We focus intently on using quantitative and qualitative analysis to drive the creation of great user experiences and successful digital marketing strategies and campaigns. Whether it is creating omni-channel experiences, engaging a specific audience, or energizing voters in political campaigns, we believe data is the key to digital success. Our goal is to become the industry leader by always applying a “data first” strategy and acquiring other companies that share this vision.
Matters discussed in this shareholder letter contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, products, and prospects for sales, failure to commercialize our technology, failure of technology to perform as expected, failure to earn profit or revenue, higher costs than expected, persistent operating losses, ownership dilution, inability to repay debt, failure of acquired businesses to perform as expected, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.