Mobile Games Growth for Tangelo
Posted on 2016-09-09 by Sean Williamson
Tangelo Games Corp, the social gaming firm based in Toronto that was previously known as Imperus Technologies, until it changed on the 28th of June this year, has reported very pleasing growth in its mobile games revenue for the second quarter of 2016.
Such development was previously identified by the company as a key focus area, and the Tangelo team is very happy with the progress it has made. Results for the year’s second quarter or first half, which ended on the 30th of June 2016, show year-on-year growth of 13%.
Among a few other strong key performance highlights, Tangelo reported revenue of $20.91 million, up from $9.81 million in the first half or 2015, and a total net loss of $2.45 million. The net loss for the same period in 2015 was $10.2 million, so the company certainly does seem to be performing better.
Earlier in 2016 the company made some strategic changes, which began with acquiring fellow social gaming developer and platform Diwip. The firms were then consolidated into a single operating unit, taking on the new name of Tangelo, and a process of right-sizing the organisation began. Operation inefficiencies were realised and released, and the company’s workforce was reduced by 25%.
Tangelo is taking its latest financial results as evidence that their efforts to put the company on the right track have started to pay off. Chief Executive Officer James Lanther commented that the rapid mobile revenue growth seen in the results of the second quarter show that the company is moving in the right direction.
Lanther added that while desktop activities still constitute the bulk of Tangelo’s generated revenue at this time, the organisation is geared towards the mobile sector too, and is looking to expand in this direction. With mobile business growing faster than the current industry rate, the team is feeling very confident for the future.
It’s important for Tangelo to sustain the growth and momentum they have achieved, and watching to see whether they manage to do this should prove very interesting. Later financial results for this year, as well as the year-on-year comparisons in 2017, will show where Tangelo’s promising upwards trajectory ends up going.