In a crowded tech space, Snipp Interactive (
TSX:V.SPN,
Stock Forum) had a good quarter – its sixth growth quarter in a row, according to CEO Atul Sabharwal - increasing sales revenue 95% in the second quarter over revenue from Q2 2012.
From the
Snipp Interactive press release:
Revenue for the quarter was $207,196 compared to $106,321 from the prior year quarter. The increase in revenue is attributable to a multitude of factors including the creation of new sales channels, additional sales contracts from existing customers, the acquisition of new customers and the launch of innovative new products as part of Snipp's Mobilize Me platform.
Net income for the period was $31,692 compared to a net loss of $169,357 for the same period last year.
North America is a prime target for the company, but it is also finding success in emerging economies. According to Sabharwal, “Snipp has now established and carried out successful campaigns for clients in the US, Canada, Middle East and Mexico. With the recent strategic investment by our partners in Brazil, we will be shortly launching the platform in South America that will further enhance the top and bottom lines for the company.”
The corporate outlook looks to continue the growth of the company to operational profitability this year, with several tech plays and big name clients on board, including their augmented reality solution which is being utilized in the Middle East by Lexus, National Bank of Kuwait and Student Talk.
Other products include a QR code solution, a mobile receipt processing tool and integration with eWinery.
Though QR integration and receipt processing are tech spaces with competitors already in play, Sabharwal is bullish on the product lines and their selling points, with the corporate outlook opining that any one of those product could break out and add substantial revenue.
“Along with the other cloud based solutions that make up our Mobilize Me platform such as SnippCheck, an industry leading solution for mobile receipt and image processing, companies across the globe and in any industry can work with Snipp to rapidly and cost effectively integrate mobile not only into their marketing mix but into the core operations of their business," he stated.