TORONTO, Canada-Mobile financial services company 724 Solutions Inc. seems to have beat the slowdown currently dragging down most of the telecommunications industry, showing strong growth and significant revenue in the first quarter.
For the first quarter, 724 Solutions recorded $13.8 million in revenue, up from the $3.1 million during the same period last year and the $8.1 million in the fourth quarter of last year. In addition, the company said it has cash and cash equivalents of $168.3 million, just above the $166.6 million from the fourth quarter of last year.
“In my first quarter as CEO of 724 Solutions, I am delighted to report that we have achieved or exceeded all of the milestones we set out,” said John Sims, the company’s chief executive officer.
724 Solutions’ growth and earnings were significantly bolstered by several major deals and alliances, including ones with Citigroup Inc., Wells Fargo and Nokia Corp.
