Why Shares of Net Element Surged Today

06:10 12/11/2017

Today’s pop in shares of Net Element, Inc. NETE  to an intraday high of $7.41 piercing through the 50 and 200 day moving averages. A close over the 200 day moving average in tomorrow's session could be a green light for a bullish move higher.

The company reported financial results for the third quarter ended September 30, 2017 and provided an update on recent strategic and operational initiatives.

Revenues increased to $14.9 million, an increase of 6.4% compared to $14.0 million in the prior year. The increase is primarily due to organic revenue growth in the North America Transaction Solutions segment, which experienced 17.3% growth over the prior year. US accounted for 88% of Revenue, while international revenues were 12%.

The company reported a net loss attributable to their stockholders of $1,702,536, or $0.90 per share, for the three months ended September 30, 2017 as compared to a net loss attributable to their stockholders of $3,469,540, or $2.47 per share, for the three months ended September 30, 2016.

Some key highlights for the company include:

Being ranked as one of the fastest growing companies in North America on Deloitte's 2017 Technology Fast 500™. Unified Payments launched web-based, integrated same-day ACH payment processing. PayOnline launched payment acceptance for Azimuth Airlines. Unified Payments supported Florida SMB merchants affected by Hurricane Irma with the free mobile POS card readers.

Unified Payments launched Zero-Fee processing program for SMB merchants in the U.S., giving merchants the flexibility to pass through credit card processing costs to their customers. PayOnline launched payment acceptance module for Telegram, Viber, Facebook and VK instant messengers. PayOnline launched support for electronic commerce in the U.S. as a fully integrated offering that allows merchants to expand their business without limiting the way customers can pay. PayOnline added support for iDEAL, the most popular payment system in Netherlands. PayOnline expanded payments module to include inSales Platform

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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