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ChineseNewsBreaks – FingerMotion Inc. (NASDAQ: FNGR) Releases Q3 2022 Financial Results

FingerMotion (NASDAQ: FNGR), a mobile data and services company, is reporting financial results for the third quarter, the period ended Nov. 30, 2021. Highlights of the report include quarterly revenue of $5.9 million, an increase of $1.02 million or 21% over Q3 2020; year-over-year quarterly growth in its telecommunications products & services business revenue of $2.8 million, a 580% increase over Q3 2020; quarterly loss in SMS & MMS business revenue of $1.78 million, or 40% compared to the same period in 2020; and no revenues in its big data division. In addition, the company showed gross profits of $967,075, a 56% increase over Q3 2020 numbers. “The third quarter finished strong with $5.9 million in revenue and an acceleration of our top up business,” said FingerMotion CEO Martin Shen in the press release. “During the quarter we were aggressive in rolling out our collaboration with China Mobile in the Fujian province. We had to reallocate our resources into telecom which slowed the spectacular revenue growth in SMS that we had seen in the past. While there was no revenue from big data during the current quarter, there was considerable time spent on continuing discussions with Pacific Life Re, the global life reinsurance company. . . . Our balance sheet continues to strengthen with over $5.6 million in shareholders equity. This quarter showed record profitability as gross margin continued to grow. We expect this trend in gross margins to continue, and revenue should ramp as the insurtech business starts to unfold.”

To view the full press release, visit https://ibn.fm/3q9MD

About FingerMotion Inc.

FingerMotion is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. 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 more than 1 billion users in the China market and eventually expand the model to other regional markets. For more information about the company, please visit www.FingerMotion.com.

NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR

About ChineseWire

ChineseWire (CW) is a specialized communications platform focused on promising China-based companies that are listed in North America. As one of 40+ brands within the InvestorBrandNetwork (“IBN”), CW provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution to IBN’s millions of social media followers; and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, CW is uniquely positioned to best serve private and public Chinese companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CW brings its clients unparalleled visibility, recognition and brand awareness. CW is where news, content and information converge.

For more information, please visit https://www.ChineseWire.com

Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: http://IBN.fm/Disclaimer

ChineseWire (CW)
Los Angeles, California
www.ChineseWire.com
310.299.1717 Office
Editor@ChineseWire.com

ChineseWire is part of the InvestorBrandNetwork.

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