QuickBit, a FinTech enabling e-commerce retailer get paid with cryptocurrencies, has got improved its quarterly profit by 60 per cent to £2.42m.
Earnings before interest and taxes jumped to £2.4m compared to the same quarter last year, which stood at minus £2.11m, according to Dagens Nyheter, the Swedish newspaper.
Revenue did, however, decrease compared to previous quarter. It dropped by 18 per cent to £69.m. Looking at the overall yearly result, revenue did increase, although only by roughly £118,760.
Jörgen Eriksson, CEO of QuickBit, stated that the company has been focused on shutting down less profitable revenue streams and stated that these results said nothing about what the margins are going to look like once the enterprise resumes focusing on attracting e-commerce retailers with better margins.
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