Kuuhubb Provides Fiscal Q1 Financial Update
November 20, 2018
Toronto, Canada -
Kuuhubb Inc. (TSX-V: KUU), a technology company focused on acquiring, developing and distributing lifestyle and mobile game applications for the female audience, provides fiscal first quarter revenue update.
Kuuhubb reports that its revenue for the three-month period ended September 30, 2018 was US$3.9 million (unaudited), a year-over-year increase of 37% compared to US$2.8 million (unaudited) for the three-month period ended September 30, 2017, and a quarter-over-quarter decrease of 21% compared to US$4.9 million (unaudited) for the three-month period ended June 30, 2018. The Company plans to publish its consolidated financial statements and related management’s discussion and analysis for the fiscal first quarter on or before November 29, 2018. The end of the Company’s financial year is June 30.
“The Company made several operational enhancements and product improvements in the fiscal first quarter, which we believe will lead to strong growth in early calendar 2019. We had hoped for a much better start to the new fiscal year. The lower revenue performance was primarily attributed to certain disruptions on a distribution platform. In addition, due to a delay in the previously announced financing, the Company significantly lowered its user acquisition budget in order to preserve capital and to achieve the goal of operating at or near cash-flow break-even levels,” states Jouni Keränen, CEO of Kuuhubb.