Pareteum Corp, a leading provider in the cloud software market, generated $8m (£6m) in its third quarter results for 2018, which is double the amount of last year’s third quarter revenue outcome, according to the companies press release.
Third quarter results exceeded Wall Street’s revenue expectation of $7.25m (£5.53m).
The cloud software provider’s shares rose by 8% before the end of this year’s third quarter and by nearly 6% to $2.42 (£1.85m) after trading hours on Wednesday.
“Surpassing $8m in revenues in the third quarter demonstrates the efficiency of our employees in converting our contract revenue backlog into revenue. Our results include growth in adjusted EBITDA, which reflects the scalability of our recurring revenue SaaS business model,” said executive chairman, Hal Turner, in the company’s press release.
Pareteum 36-month contractual revenue build-up increased to £403M (£307m), which is significantly higher than last year’s $94m (£71m) and last quarter’s $276m (£210m).
Pareteum provides cloud software – a mobility cloud platform to communication service providers and businesses as well as IoT software solutions.
The company also expects to achieve positive adjusted EBITDA and revenue for the upcoming year.
Pareteum also recently announced an agreement to acquire Artilium for $104.7m (£79.8m) in June.