Vancouver-based mobile marketing services firm Snipp Interactive (CVE:SPN) reported Wednesday a more than 50 per cent increase in third quarter revenue, citing a growing sales channel through existing and new customers.
For the quarter that ended September 30, the company reported revenue of $141,459, up from $94,118 the prior year period.
Just yesterday, the mobile marketing company announced a new contract from existing customer Meredith Corp (NYSE:MDP). The two parties partnered to launch a "revolutionary" new annual program, which is powered by Snipp's 'Mobilize Me' platform and its new Mobile Microsite builder.
The new program is aimed at digitally enhancing Meredith Corp's Special Interest Media (SIM) group's reader response activation program. Meredith, responsible for brands such as Better Homes and Gardens, Allrecipes.com, EveryDay with Rachael Ray, and Ladies' Home Journal, among others, said the program will provide participating advertisers with customized mobile websites, in addition to the ads they run in the magazine.
Snipp provides print publishers, advertising agencies and corporate/consumer brands with a full suite of mobile marketing services in North America. Its 'Mobilize Me' platform supports many input mechanisms for mobilizing marketing campaigns for companies, including text message, QR codes, Microsoft (NASDAQ:MSFT) tags and Snapp tags.
Its revenue in the latest quarter was also supported by sales from new customers like Arm & Hammer that are using Snipp's new services such as Mobile Purchase Validation and Site Builder.
"The trend we see in the mobile space is unquestionable and we will continue our march towards profitability in 2013," said CEO Atul Sabharwal.
"The new solutions we have launched in Q3, including Mobile Purchase Validation and Site Builder are truly unique in the marketplace and are getting excellent traction in the market. Put together, we have a holistic mobile solution incorporating Response, Infrastructure and Validation, and are best positioned to help our clients engage and interact with their customers on a turnkey basis in the mobile arena."
Headquartered in Washington, D.C. and established in 2007, the company has provided its services to several Fortune 500 companies and other major brands, advertising agencies and publishers, including Wal-Mart (NYSE:WMT), ESPN, Time Inc, Ford (NYSE:F), Nike (NYSE:NKE), Wendy's (NASDAQ:WEN) and Campbell Soup (NYSE:CPB).
Earlier this month, the mobile marketing services firm signed a strategic sales and marketing memorandum of understanding with Deedod, a national provider of digital media services. The news came one day after it inked a memorandum of understanding agreement with MDB Communications, a full service advertising and marketing communications firm.
The company has also expanded its suite of mobile marketing services in Mexico through a license agreement with digital marketing agency Virket S.A., providing mobile marketing services in the Mexican market together on an exclusive basis.
The deal proved lucrative, as back in October, it inked a deal with Mexican yellow pages publisher, Sección Amarilla, and telecom operator Telmex to create a marketing campaign for cell phone and tablet users. Telmex is owned by Fortune 500 company America Movil, the largest telecommunications company in Mexico.
Snipp also recently kicked off its Middle East commercial operations with two high-profile campaigns in Kuwait with Asnan Tower, the biggest dental centre in the Middle East.
"The quality of the brands we work with and type of campaigns we have launched (and are scheduled to launch), is a testament to mobile's capability to disrupt industries such as couponing and rebate redemption while reinventing publishing and consumer product marketing," added Sabharwal.
Snipp reported a net loss before other items of $606,051 compared with a profit of $13,966 in the prior year period. The company said this was due to added investment in its "Mobilize Me" platform, and one time employee costs, as well as further refinement of its sales strategy.
The mobile marketer is also responsible for "Face-in-the-Hole" - a new photo sharing solution technology that allows marketers to use photo sharing by mobile phone users to build their brands. Using facial recognition and cloud-based image processing, the technology can create a variety of different photo experiences – like taking someone's face and putting it on a different background.
The technology gives brands the opportunity to take advantage of the “growing interest” in mobile photo sharing, as evidenced by the popularity of consumer applications such as Instagram - owned by Facebook (NASDAQ:FB) - as well as Lightbox, Picplz, Scan and Dailybooth.
At the end of the third quarter, Snipp had current assets of $1.39 million and current liabilities $276,411.
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