On October 16, 2023, FingerMotion Inc (FNGR, Financial), a mobile services and data company, released its financial results for the second quarter of fiscal 2024. Despite the challenges of managing a more diversified product line, the company reported improved margins for the quarter.
Financial Performance
The company's financial results show a positive trajectory towards profitability. The CEO of FingerMotion Inc, Martin Shen, stated,
As our results show, the Company is making excellent progress toward our goal of profitability. It is easy to see our trajectory towards positive earnings results and how our proactive approach to fiscal management of our resources is materializing."
Increased Expenses and Reduced Costs
During the quarter, general and administrative expenses increased by $358,487 or 28%, a result of an increase in a range of costs related to company administration. On the other hand, research and development expenses dropped to $176,956, which was 11% lower due to savings from data access fees charged by telecom companies.
Company's Future Outlook
FingerMotion Inc is an evolving technology company with a core competency in mobile payment and recharge platform solutions in China. As the user base of its primary business continues to grow, the company is developing additional value-added technologies to market to its users. The company's vision is to rapidly grow the user base through organic means and have this growth develop into an ecosystem of users with high engagement rates utilizing its innovative applications.
For more detailed financial information, readers are encouraged to view the company's recent 10-Q filing at www.sec.gov/edgar/search or on the company's website at www.fingermotion.com/investor-relations/financial-information/details.
