On 27 Jan 2020, Inuvo, Inc. stock identified change of 73.46% away from 52-week low price and recently located move of -81.07% off 52-week high price. INUV stock has been recorded 12.04% away from 50 day moving average and -29.74% away from 200 day moving average. Moving closer, we can see that shares have been trading 5.42% off 20-day moving average.
Inuvo, Inc. (INUV) stated its financial results for the third quarter and nine months ended September 30, 2019.
“Revenue during the third quarter 2019 from the IntentKey revenue stream increased 61.6% year-over-year and about 30% sequentially,” stated Richard Howe, Chairman and CEO of Inuvo. “We are happy with the IntentKey’s progress year to date and continue to build onto this machine learning platform. We believe that our integration of Connected TV media inventory and the release of IntentCloud™ provides our consumers broader reach, faster targeting and increased efficiencies. Our unaudited preliminary total revenue was $6M in October 2019, which should put us within the vicinity of $18M in the fourth quarter, or about 30% sequentially from the $13.8M of net revenue in third quarter of 2019,” continued Mr. Howe.
Financial Results for the Three and Nine Months Ended September 30, 2019 and 2018:
Net revenue for the third quarter of 2019 totaled $13.8M as contrast to $16.8M for the same period in 2018, a decrease of 17.9%. Net revenue for the nine months ended September 30, 2019 totaled $43.3M as contrast to $56.3M for the same period in 2018, a decrease of 23.1%. We experienced lower year over year revenue Because of the before reported strategy to reduce focus on the non-planned publisher side technologies and to the elimination of lower quality revenue streams.
IntentKey revenue was about $2.6M, a raise of 61.6% in the third quarter of 2019 as contrast to the same period last year. Revenue for the nine months ended September 30, 2019 totaled $5.9M. Following the integration with the AppNexus Platform in the first quarter of 2019, the IntentKey has continued to deliver strong results for clients with a compounded sequential quarterly growth rate in 2019 that is predictable to be about 30% and first full year revenues of about $8.6M.
Cost of revenue reduced 20.0% and 21.2% year-over-year for the three and nine months ended September 30, 2019 respectively due primarily to lower revenue.
Operating expenses for the three and nine months ended September 30, 2019, reduced 6.2% and 14.1% contrast to the same periods 2018.
Marketing costs reduced 16.2% and 20.0% in the three and nine months ended September 30, 2019, respectively, contrast to the same period in 2018. The decrease in marketing costs was Because of adjusting traffic acquisition campaigns as a result of lower monetization described above.
Compensation expense increased 21.0% in the three months ended September 30, 2019 and reduced 15.1% in the nine months ended September 30, 2019 contrast to the same periods in 2018. The reason for the higher expense this year despite a lower payroll is Because of higher stock-based compensation this year and the reversal of incentive plan expense in the previous year.
Selling, general and administrative costs for the three and nine months ended September 30, 2019 increased 12.0% and 11.8% respectively, over the same time periods in 2018. The increase in the third quarter this year is primarily Because of expenses associated with the company’s equity financing and legal settlement. The increase in the nine-month period this year is primarily Because of $1M of expense incurred related to the mergers which were terminated in June 2019.
Other income, net, was $3.3M for the three and nine months ended September 30, 2019 and represents the one-time gain recognized for the merger termination fee and the one-time excess fair value over assets received for an purchased business, offset by $460,800 in expense from the derivative liability.
Net income for the three months ended September 30, 2019 totaled $787,900 as contrast to a net loss of $1.4M for the same period the previous year. Net loss for the nine months ended September 30, 2019 totaled $3.6M as contrast to a net loss of $3.7M for the same period the previous year.
Cash as of September 30, 2019 totaled $714,063 as contrast to $228,956 as of December 31, 2018.
Inuvo, Inc. noticed change of -7.87% to $0.33 along volume of 1335084 shares in recent session compared to an average volume of 339.07K. INUV’s shares are at 14.16% for the quarter and driving a -73.50% return over the course of the past year and is now at 12.04% since this point in 2018. The average volatility for the week at 18.17% and for month was at 11.72%. There are 48.23M shares outstanding and 41.26M shares are floated in market.