The following is a summary of the Zedge, Inc. (ZDGE) Q2 2024 Earnings Call Transcript:
Financial Performance:
Zedge reported an 11% increase in Q2 revenue, now standing at $7.8 million.
The company noted significant rises in ad revenue (18%) and Zedge Plus subscription revenue (24%).
The ARPMAU saw a record boost of 37% to $0.072. The Zedge marketplace's revenue on iOS increased by 46% sequentially.
Zedge's Q2 earnings were impacted by a one-time noncash write-off of GuruShots' intangible assets worth $11.9 million.
GuruShots revenue decreased by 26% from last year to $0.9 million, and active users for the Zedge marketplace fell by 10.7%.
Despite the decrease, the company reported a 23% rise in Zedge Premium Gross Transaction value and a strong liquidity position with over $18.1 million in cash and cash equivalents.
Business Progress:
Zedge is focusing on full-stack marketing and product development, aiming to drive innovation and streamline resources for better outcomes.
Zedge Plus is looking to become more attractive with additional value-added services.
The company is keeping a keen focus on potential product marketing, incentive plans, and user-acquisition investments as part of its growth strategies.
Plans are in place for greater feature integration, migrating to a coin-based economy, and improving the onboarding system to enhance the user experience.
The company is investing in AI integration, expecting a critical role in sustainable and long-term growth.
Despite underperformance from GuruShots, the company remains hopeful for its growth and the realization of strategic goals.
The company is focusing on building subscription value, improving iOS monetization, and introducing new features and content for Emojipedia.
More details: Zedge IR
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