Mobile Streams Proves appitalism® Works

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Mobile content provider Mobile Streams (LSE:MOS) continues to turn in stellar performance as demand for its apps, games, music, videos and eBooks increases around the globe.  The company that operates through the cleverly named storefront appitalism® has watched it share price rise from the 4.0 range, where it hovered for several years until September 2010, to a high of 88.75 on 22 March 2013.  Although it has drawn back to 66.00 recently, the share price gained 11.36% today to 73.5 following the publication of its trading update for its fiscal third quarter ended 31 March.

Mobile Streams had 1.3 million subscribers at 31 March 2012.  At 31 December 2012, it’s active customer base had grown to 2.7 million.  The third quarter has now seen its number of active subscribers grow to more than 3.1 million.  Of course, that should mean a significant increase in revenues.  And it does.  The company nearly tripled overall third quarter revenues from £5 million in 2012 to £14.5 million during Q3 2013.  That was driven by an increase in mobile Internet revenue from £3.8 million to £13.5 million year-on-year.

Geographically, the company’s success is currently being driven by a rapidly growing list of active subscribers in Latin America, which more than doubled in number during the quarter.

Although Mobile Streams did not release profit results, it did say that “Gross profit was ahead of management’s expectations.”  Cash on hand at the end of the quarter was reported at £3.4 million, up from £1.4 million at 31 March 2012 and from £2.0 million at 31 December 2012.  The bulk of the company’s cash (£2.9 million) was held in Argentina.

Mobile Streams is a Liberty Media company.  Its sister companies include SiriusXM, Viacom, Time Warner, MacNeil/Lehrer Publications, Barnes & Noble, and the Atlanta National League Baseball Club.

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