Net Element Inc. (NASDAQ: NETE) Works to Enhance Shareholder Value, Adapts to COVID-19 Fallout
Sep 1, 2020
- NETE releases Q2 2020 financial report
- CEO notes impact of COVID-19 on financial results, points to continued efforts to increase shareholder value as merger approaches
- Shareholder letter provides clarification on expected number of shares
Net Element (NASDAQ: NETE), a global financial technology and value-added solutions group, released its financial report for Q2 2020 (http://ibn.fm/d1h9G), the period ended June 30, 2020; NETE also provided more clarifying information about its pending merger with Mullen in an Aug. 19 shareholder letter (http://ibn.fm/W1ahe).
In its financial report, NETE noted that, during second quarter 2020, total transaction volume decreased to $717.9 million, as compared to $950.2 million for the same comparable period the year previous. In addition, net revenue decreased to $13.7 million, as compared to $16.5 million for Q2 2019. Operating expenses decreased to $2.2 million, as compared to $5.2 million for the same comparable period. Gross margin for the quarter decreased to…
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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