Fintech company Mogo (MOGO) reported a net loss of C $ 9.8 million, or C $ 0.135 per share, in the third quarter, — reported by BitGlobalOne.
Mogo noted that it cut growth costs in the last year quarter and said its adjusted net loss from operating activities was C $ 5.6 million, compared with a loss of C $ 5.1 million in the second quarter. The company’s shares declined.
Total revenue was C $ 15.4 million, up from C $ 9.8 million per year, as subscription and service revenue more than doubled to C $ 9.5 million from C $ 4.2 million.
Mogo expects fourth-quarter annual growth in subscription and service revenues from 110% to 115%, compared with the previous forecast of growth of 100% to 110%. The company also raised its 2022 total revenue forecast to a range of C $ 75 million to C $ 80 million.
Taking into account the book value of investments in cryptocurrency platform Coinsquare, the company’s balance is 193 million Canadian dollars.