Global technology and value-added solutions group Net Element (NASDAQ: NETE) recently announced its financial results for the third quarter ended September 30, 2018 and provided an update on its strategic and operational initiatives. According to the update, the company’s net revenues were approximately $17.2 million for the three months ended September 30, 2018, up from approximately $14.9 million for the prior year. NETE attributes the increase as primarily driven by a growth in net revenues of approximately 19 percent, or $2.5 million, from its North American Transaction Solutions segment due to its acquisition of a transactional services portfolio and organic growth. The company hosted a conference call and live webcast on November 15, 2018 to discuss financial results and business highlights, and the recorded replay is available on the company’s website.
“We are pleased with our performance in the third quarter and the nine months period as we continue to deliver double digit net revenue growth with improved gross margin performance, underscoring the ongoing execution of our technology enabled, value-added strategy,” Net Element CEO Oleg Firer stated in the news release. “We continue to take steps that will enhance our long-term performance as we remain focused on growth and building value for our shareholders.”
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About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the U.S. and selected emerging markets. In the U.S., it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, the company’s cloud based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte’s 2017 Technology Fast 500. In 2017, Net Element was recognized by South Florida Business Journal’s as one of 2016’s fastest growing technology companies. Further information is available at www.NetElement.com
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