Weyland Tech’s Push Interactive Reports Major Turnaround Post-COVID-19 Lockdown; Expects Push Q2 2020 Revenue up 255%+ to ~$3.6 Million
Weyland Tech, a leading global provider of eCommerce, mCommerce and Fintech business enablement solutions, reported that its new Push Interactive subsidiary has realized a major turnaround in revenues and new eCommerce engagements over the last few months.
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Push’s revenues for the second quarter ended June 30, 2020 are estimated to total about $3.6 million, up 12% sequentially and up 255% over the same year-ago quarter. This was largely driven by a surge in June, Push’s biggest month so far this year, with revenues up 22% over May to more than $1.4 million.
This momentum has put Push on an annualized revenue run-rate of more than $16.8 million. The subsidiary is on track to meet or exceed previous guidance of $13 million to $15 million in 2020, with margins improving to around 20%.
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“March marked the beginning of the U.S. pandemic lockdown, which affected our conversion rates across several of our verticals, but then we began to see a strong turnaround in the subsequent months,” said Push CEO and president, Haig Newton. “The growth has been driven primarily by increasing strength in data monetization and traffic management as we adjusted to the changing dynamics in the market.”
Since Weyland acquired Push Interactive in early January, its growth in data monetization reflects the expansion of total active enterprise and brand accounts from 16 to 28. Data monetization activity has increased within verticals that include home improvement, health insurance, job search and news. Push’s larger accounts include Home Advisor, QuinStreet and Sunrun, for which it continues to help drive conversions.
“Our revenue growth is tracking faster than expenses,” continued Newton, “demonstrating the leverage in our model and scalability of our platform. We have been investing in and integrating new automation technology designed to increase customer re-engagement and retention. We expect to launch this within the next few weeks and further enhance our platform’s sales-generating power.”
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