{"id":107613,"title":"Audioboom Group PLC (AIM:BOOM) remained in profit in the first quarter","publisher":"Share Talk","author":"sharetalk","published":"2023-04-19T07:09:37+00:00","modified":"2023-04-19T07:09:37+00:00","canonical_url":"https://www.share-talk.com/audioboom-group-plc-aimboom-remained-in-profit-in-the-first-quarter/","markdown_url":"https://www.share-talk.com/audioboom-group-plc-aimboom-remained-in-profit-in-the-first-quarter.md","json_url":"https://www.share-talk.com/audioboom-group-plc-aimboom-remained-in-profit-in-the-first-quarter.json","category":"B2B","categories":["B2B","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["advertising","Amazon Music","Apple Podcasts","Audioboom","Beyond the Grid","BOOM","Brad Clarke","Brendan Regan","Danni Howard","dashboard","Deezer","downloads","EBITDA","F1 Nation.","Facebook","Formula 1","Google Podcasts","Helen Anderson","iHeartRadio","Joey Camasta","Lisa Spencer-Hayes","listeners","New Zealand","Pandora","podcast","Podcasting","publisher","RadioPublic","Saavn","Share Talk","SHOWCASE","Spotify","Stitcher","Stuart Last","Twitter","USA"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Despite challenging market conditions, **Audioboom Group PLC (AIM: BOOM)** managed to remain profitable in Q1. However, revenue fell to US$15.4 million, which was lower than the US$19.5 million posted in the same period last year.\n\nDespite the decrease in revenue, Audioboom maintained profitability through strong management and cost control. As of March 31, group cash stood at US$5.1 million, down from US$8.1 million at the end of 2022, with an additional US$1.8 million available through an undrawn overdraft.\n\nAlthough average monthly global downloads of 125.2 million increased by 13% compared to the previous quarter, they were comparable to the 126.2 million downloads in Q1 2022.\n\nFurthermore, the average monthly brand advertiser count of 6,498 was up 74% YoY and 9% higher QoQ.\n\n**Stuart Last, Audioboom’s CEO,** stated that the company had made significant improvements to its business operations in Q1, despite the challenging market conditions. Last also noted that the company expects to deliver year-on-year growth for the full year while continuing to outperform the wider market and that strong indications suggest that the advertising market is returning."}