Shares in iClick Up 2% on Marketing Solutions
iClick is looking to develop a new enterprise solutions business and said it is considering probing into the blockchain field.
The stock in iClick Interactive Asia Group Ltd. (Nasdaq: ICLK) was trading up 2%, at $3.24 per American depositary share, on Tuesday afternoon on strong revenue from marketing solutions.
The enterprise data solutions provider in China said in a statement today that in the three months through September its revenue reached $54.2 million, up 27% year-over-year. Net income was $900,000, or 2 cents per ADS, in contrast to a net loss of $21.8 million, or 41 cents per ADS, a year ago.
iClick attributed the growth to its marketing solutions revenue, which hit $51.6 million, increasing 21% from the same period last year.
Sammy Hsieh, the chief executive officer and co-founder of iClick, in a statement today noted the expansion of its new enterprise solutions business, launched earlier this year. In September, iClick announced it will invest in the Australian-based digital token company, Mobile Technology Holdings Ltd., as part of the expansion strategy. In the third quarter, iClick's enterprise solutions line generated $2.6 million in revenue, according to the report.
"As a reminder, we launched this business in January this year and are in the early stages of building it out. We are firmly committed to this area and confident of its strong pickup in the fourth quarter and beyond," Hsieh said.
He added, "We are considering developing additional products and services in other higher margin areas such as block-chain technology and we are looking to identify potential business partners in this area. We will keep investors informed of these development."
Based in Hong Kong, iClick uses data and artificial intelligence technology to help brands target customers. The company operates 10 locations globally, including areas in Asia and Europe.
The company said it has repurchased about $2.6 million of its ADSs as of September under the $10 million share buyback plan launched in November 2018.
Going forward, iClick said it expects to generate revenue in the range of $54 million to $60 million in the fourth quarter.