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Friday, Jun 9, 2023

CrowdGather Reports Another Loss

CrowdGather Inc. reported a continuing quarterly loss, but management said it expects the company to do better as its new online advertising network starts to bring in revenue. The Woodland Hills coordinator of online forums reported a net loss of $793,398 (-1 cent a share) for its fiscal second quarter ended Oct. 31, compared with a loss of $757,733 (-1 cent) in the same period a year earlier. Revenue fell 10 percent to $423,732. The company said mobile devices now accounts for about 15 percent of its monthly traffic by users. Chief Executive Sanjay Sabnani noted that year-to-date revenue was up 26 percent to $1 million, and earnings should improve as its new online advertising network generates revenue. The company launched the network at the end of its second quarter. “We anticipate that our revenues will improve in this, our fiscal third quarter,” said Sabnani, in a prepared statement. Shares fell less than 1 cent to close at 8 cents in over-the-counter trading on Friday.

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