IFBD - InvestorNewsBreaks - Infobird Co. Ltd. (NASDAQ: IFBD) Files FY 2020 Annual Report
Infobird (NASDAQ: IFBD), a software-as-a-service (“SaaS”) provider of AI-powered customer engagement solutions in China, has released its annual report for the fiscal year ended Dec. 31, 2020; the company announced that it has filed the report with the U.S. Securities and Exchange Commission (“SEC”). Key figures of the report includes total revenues for FY 2020 reaching an estimated $14.5 million, a decrease from 2019, which the company noted was primarily due to the negative impact of the COVID-19 pandemic and one of the company’s major customers adjusting its internal telemarketing strategy. However, the report also noted an increase in revenue from new customers in the finance, healthcare and IT sectors. Other noteworthy numbers include an increase in the company’s R&D and net profit margin remaining at approximately 28%. “The customer engagement industry in China is developing rapidly as the SaaS industry continued to grow at a fast rate of 43.5% from 2019 to 2020,” said Infobird CEO and board chair Yimin Wu in the press release. “We believe we are one of the leading and long-standing Chinese SaaS providers in the booming customer engagement industry, with over 10 years of experience. . . . We believe the 2020 fiscal year marked an important turning point for Infobird as we began to shift the focus of our business from customized cloud-based services to standard cloud-based services. We are in the early stages of executing this growth strategy but have begun to see tangible results from these efforts, as our average monthly paid user accounts for standard cloud-based services increased by approximately 30.5% compared with the same period in 2019. We have also invested significant resources in research and development to develop and launch a series of new standard SaaS products embedded with our AI capabilities.”
To view the full press release, visit https://ibn.fm/jjN0C
About Infobird Co. Ltd.
Infobird, headquartered in Beijing, China, is a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China. For more information about the company, visit www.Infobird.com.
NOTE TO INVESTORS: The latest news and updates relating to IFBD are available in the company’s newsroom at http://ibn.fm/IFBD
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