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26 Mar 2019 | 10:11

Boku cuts losses as revenue meets top end of guidance

Direct carrier billing company Boku reported a sharp decline in losses as it posted revenues toward to the top end of management's guidance supported by a surge in total processed transactions.

For the 12 months to 31 December 2018, pre-tax losses narrowed to $2.94m from £28.54m the previous and revenue rose 45% to $35.3m that was at top range of guidance for between US$34.8m and US$35.3m. Adjusted earnings (EBITDA) swung to a positive $6.3m for the year from a loss of $2.3m in 2017. New customers like Netflix and Rakuten started to use our platform and existing customers like Sony, Spotify and Apple expanded their use, the company said. This helped boost total payment volumes to a record. Total payment value more than doubled to over $3.6bn for the year and the number of monthly active users on the company's platform rose by 69% to 13.5m. '2018 has been a transformational year for Boku; two major milestones include reporting our maiden positive Adjusted EBITDA for the whole year and the acquisition of mobile identity business, Danal Inc. We've delivered growth on all of our KPIs illustrated at both the top and bottom lines,' said Jon Prideaux, Chief Executive of Boku. 'We believe that 2019 will be another year of exceptional growth as we continue to build upon our strong Payments business, growing Identity business, and our state of the art platform to deliver further products and services to our customers.'

At 10:11am: (LON:BOKU) Boku Inc. share price was +14p at 96p

Story provided by StockMarketWire.com
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