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Revenue Growth of 163% for Internet Accessibility Firm, Gains Social Security Administration as Client

Source: Streetwise Reports

 

December 1, 2017 (Investorideas.com Newswire) A company that brings accessibility to the Internet has been experiencing rapid growth.


AudioEye Inc. (AEYE:OTCQB), a company that provides cloud-based software-as-a-service (SaaS) digital content accessibility solutions, reported third quarter financial results on Nov. 15 that included revenue growth of 163% year-over-year. Year-to-date revenue increased 214% compared to last year.

In the third quarter the firm won new cash contract bookings of $1.5 million, which brings its cash contracts year-to-date to $4.7 million.

AudioEye also projected revenue for 2018 would range from $6.5 million to $7.5 million and bookings of between $11 million and $12 million.

CEO Todd Bankofier stated, "AudioEye reported 163% revenue growth year-over-year as we continued to convert more than $4.7 million in year-to-date new cash contract bookings into a growing base of recurring revenue. We also reported increases in deferred revenue and contracts in excess of deferred revenue, providing greater visibility into our continued growth over the coming quarters. We believe AudioEye is well on track to further grow revenue in the fourth quarter, achieve our cash contract bookings outlook for 2017, and report significantly higher revenue and cash contract bookings in 2018."

The company also noted that it had won several major new client accounts, "including the Social Security Administration (SSA), a leading healthcare company, and Fortune 500 companies operating in restaurants and telecommunications."

AudioEye first announced on Oct. 31 that it was selected by the Social Security Administration "to provide web usability tools for their website socialsecurity.gov. The site, which experiences average monthly visits between 12.9 and 22 million, is also accessed by more than 65,000 Federal employees."

"Nearly nine out of ten individuals age 65 and older receive Social Security benefits. Given that 64% of the U.S. population 65+ are active Internet users and more than 6% have a visual disability, makes a strong single case for the need to improve usability of the SSA site," AudioEye CEO Todd Bankofier stated. "However, that is only one demographic for which our tool will enhance the experience. Many levels of cognitive disabilities can be addressed as well as those that impact mobility, hearing or vision. This is a great step towards even greater inclusivity."

The company noted that the Ally Toolbar, "a proprietary assistive tool, will be placed directly on the socialsecurity.gov site, allowing users to customize and enhance their experience. The Ally Toolbar was developed with considerations including dyslexic fonts, adjustments to color contrast, font size and navigation, keyboard controls, a player that will read visitors content and the ability to use voice commands to navigate."

"It is a game-changing tool that addresses the range of challenges that can inhibit a website visitor's ability to fully interact with and consume digital content. We are proud to serve an organization that impacts so many," said CEO Bankofier.

Technical analyst Clive Maund of CliveMaund.com noted on Nov. 16 that AudioEye has had "strong growth in revenue over the past year, and the projection [is] for this trend to continue in a robust manner."

Alex Koyfman commented on AudioEye's share price in Penny Stock Millionaire on Nov. 17, "shares trade at $0.13 (USD) right now—down 35% from the $0.20 recommendation, and it continues to baffle me. Despite the outlook and the already impressive growth path the company has managed to achieve, it's still priced this low."

Disclosure:

1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, securities of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of AudioEye, a company mentioned in this article.


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