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Marketing technology provider Inuvo Inc. of Little Rock said Monday that it lost $2.4 million, or 3 cents per share, during the third quarter.
That’s worse than the net income of $787,900, or 2 cents per share, it reported in the same quarter last year.
Third-quarter revenue for the company (Nasdaq: INUV) was $9.2 million, down 33.2% year-over-year. Its IntentKey business accounted for $3 million, and $6.2 million came from its ValidClick Platform.
“While COVID-19 continues to impact our business, current trends suggest our recovery is underway. The IntentKey has grown year-over-year despite COVID-19, now up 16% through the first nine-months. ValidClick revenues in October are expected to be up 120% off their May lows,” Chairman and CEO Rich Howe said in a news release.
“We are actively recruiting beta clients for a SaaS version of the IntentKey platform,” he added. “While COVID-19 continues to make forecasting difficult and unpredictable, based on the revenue run rate coming out of October, we would expect sequential growth in the fourth quarter between 25% and 40%, which in turn should improve Adjusted EBITDA heading into 2021.”
Operating expenses for the third quarter were $10 million, down 10.8% from $11.2 million for the same quarter of 2019.