Support.com, Inc. (NASDAQ:SPRT) released earnings for fiscal 2014. The company noted that they are not audited numbers but do present an honest reflection of the business and its success in 2014. The company says it was a transitional year and many goals were accomplished and there are many more on the agenda.
The company changed its business model under a contract with Comcast along with changing the leadership in Support.com, Inc. (NASDAQ:SPRT)’s headquarters. They stated they feel good about the way they ended 2014 and feel well positioned to make 2015 a big success.
Revenue came in at $22 million for the fourth quarter. That was compared to $22 million in the third quarter. The fourth quarter loss from operations totaled $915k. That’s compared to a same quarter in 2013 profit of $5.3 million. The losses can be attributed to the restructuring of Support.com, Inc. (NASDAQ:SPRT)’s model. In the process sales were lost and had to be rejuvenated. This also added higher than usual internal costs as they looked to build a new leadership team.
Support.com, Inc. (NASDAQ:SPRT) established good gains in new customers for its Nexus product. The product was awarded and recognized as one of a few that focused on Support Interaction Optimization. The company was also recognized by Frost & Sullivan as the growth, innovation and Leadership Company of the year. They also were able to extend their Master Service Agreement with Comcast along with expanding their Xfinity Home program with the cable provider. Support.com, Inc. (NASDAQ:SPRT) provides cloud technology software and support services. The company recently was upgraded by Northland capital, an analysts firm that focuses on NASDAQ stocks. They feel the company has overcome its recent issues and is prepared to move forward with vigor.
The stock suffered some serious technical damage and needs time to recover. It needs to find a base and start developing support at its current level. There is a real possibility it could drift even lower before finally settling in.