Mobile payment technology company Net Element, Inc. (NASDAQ: NETE), in a news release issued late Monday, reported its financial results for the first quarter of 2017. Among the highlights, the company recorded net revenues of $13,561,941, marking a year-over-year increase of 20 percent. Net Element attributed this performance to organic growth in its North America Transaction Solutions segment, which demonstrated a year-over-year net revenue increase of 40 percent. Similarly, the company’s Online Solutions segment recorded a 23 percent year-over-year increase in revenues, which was attributed to continued organic growth in global online payment acceptance services with an emphasis on value-added offerings. “The first quarter of the year is one of the slowest quarters of the year for processing and we remain focused on continued growth and innovation to differentiate our product offerings and provide superior products and services to our expanding customer base,” Oleg Firer, CEO of Net Element, stated in the news release. “We are undertaking several strategic changes in the mobile solutions segment, which should yield results in the third-quarter of this year.”
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About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the US and selected emerging markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant and retail point-of-sale solution Aptito. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Net Element was named in 2016 by South Florida Business Journal as one of the fastest growing technology companies. Further information is available at www.netelement.com.
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