Summary by Futu AI
Mobiquity Technologies, a leading advertising technology and data intelligence company, reported financial results for the first quarter ended March 31, 2024. The company saw a significant increase in revenue, reaching $263,282 compared to $132,224 in the same period last year, attributed to an uptick in political revenue. Cost of revenues stood at $211,269, resulting in a gross profit of $52,013. Operating expenses decreased to $1,101,111 from $1,425,747 year-over-year, primarily due to reduced professional fees and licenses. The net loss before income taxes improved to $1,101,584 from $1,716,804 in the previous year. The company's business development efforts included the enhancement of its advertising technology operating system (ATOS) and data intelligence platform, MobiExchange, which are expected to drive revenue growth. Looking ahead, Mobiquity Technologies plans to expand its sales team to target advertising agencies, brands, and publishers, aiming to become the industry standard for programmatic display advertising for small and medium-sized advertisers.