The OLB Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 14, 2023 at 05:01 pm EST
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The OLB Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 0.095667 million compared to USD 0.161249 million a year ago. Revenue was USD 9.69 million compared to USD 6.25 million a year ago. Net loss was USD 1.8 million compared to USD 1.71 million a year ago. Basic loss per share from continuing operations was USD 1.2 compared to USD 1.3 a year ago.
For the nine months, sales was USD 0.399957 million compared to USD 0.633555 million a year ago. Revenue was USD 24.66 million compared to USD 23.41 million a year ago. Net loss was USD 5.01 million compared to USD 4.61 million a year ago. Basic loss per share from continuing operations was USD 3.4 compared to USD 3.4 a year ago.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider. Its eCommerce platform delivers cloud-based merchant services for a digital commerce solution to thousands of merchants in all 50 states. It seeks to provide merchants with a range of products and services through its various online platforms, including financial and transaction processing services. Its business functions through three subsidiaries: eVance, Inc. (eVance), OmniSoft.io, Inc. (OmniSoft), and CrowdPay.Us, Inc. (CrowdPay). OmniSoft operates a cloud-based business management platform that provides turnkey solutions for merchants to enable them to build and manage their retail businesses. eVance provides competitive payment processing solutions to merchants, which enable merchants to process credit and debit card-based Internet payments for sales of their products. CrowdPay operates a white label capital raising platform that targets small and midsized businesses seeking to raise capital.