The OLB Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 21, 2023 at 06:10 am EDT
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The OLB Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 0.137541 million compared to USD 0.207966 million a year ago. Revenue was USD 8.34 million compared to USD 8.37 million a year ago. Net loss was USD 0.587818 million compared to USD 1.44 million a year ago. Basic loss per share from continuing operations was USD 0.04 compared to USD 0.11 a year ago.
For the six months, sales was USD 0.30429 million compared to USD 0.472306 million a year ago. Revenue was USD 14.97 million compared to USD 17.16 million a year ago. Net loss was USD 3.2 million compared to USD 2.89 million a year ago. Basic loss per share from continuing operations was USD 0.22 compared to USD 0.22 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.