LiveDeal Inc (NASDAQ:LIVE) surpassed all expectations in its 2Q2015 earnings report, posting the largest quarterly sales in its history. The gains have been linked to the groundwork laid in the last fiscal year. More growth is expected in the future as the company continues to improve its marketing efforts.
LiveDeal Inc (NASDAQ:LIVE) said 2Q revenue rose 1,250% over the same quarter last year to $8 million. The amount was the largest quarterly revenue the company has ever generated since its inception. The management also said the revenue figure surpassed total revenue generated in the whole of fiscal 2014.
Marketing efforts paying off
The big gain has sparked hope that the company is on the right path to more growth in the future. According to CEO, Jon Isaac, they have been able to increase their brand awareness campaign with improved investment in advertising. The strong 2Q results show that their efforts are paying off and they intend to do more to raise awareness about “instant offers” and “real-time” restaurant deals.
The subsidiaries that LiveDeal Inc (NASDAQ:LIVE) recently acquired also contributed significantly to the revenue growth in the latest quarter.
LiveDeal registered 1,000% uptick in gross profits in the latest quarter above the same period last year. The company disclosed that it investment a large amount of its cash in inventory acquisition, spending about $3 million on the same.
Cash position remains strong
LiveDeal Inc (NASDAQ:LIVE) disclosed $6.5 million in cash and equivalents at the end of the latest quarter. That compared with $8.1 million in the prior quarter.
Partnership with search engines
LiveDeal Inc (NASDAQ:LIVE) srecently announced a plan to work with Internet search engines so that it provides the engines with real-time content. The collaboration with search engines will built on the company’s newly completed API.
Partnering with engines is one way that the company hopes to attract more traffic to its platform, give restaurants greater exposure so that they can sell more and supply search engines with fresh content to keep users engaged.