Net Element International Inc (NETE) Reports Significant Growth; Shares Skyrocketing
Net Element International Inc (NASDAQ:NETE) investors are overwhelmingly excited today after the fintech firm reported significant growth in Unified Payments, its North America Transactions Solutions Segment division.
Total e-commerce volumes for the first half of 2017 increased by 33% from the first half of 2016. Transactions processed for the first half of 2017 increased by 34% over the same period in 2016. New e-commerce merchants for the first half of 2017 increased by 37% over the same period in 2016.
Total volumes for electronic commerce and value-added integrated services such as Aptito and Unified m-POS increased by 134% during the first half of 2017 over the same period in 2016. Transactions processed for the first half of 2017 increased by 84% over the same period in 2016. New merchants for the first half of 2017 increased by 43% over same period in 2016.
NETE shares reacted to the news, skyrocketing nearly 50% to $6.00 as of 11:40AM EDT.
Net Element CEO commented, “Unified Payments continues gaining market-share by delivering competitive e-commerce, mobile point of sale and integrated value added services through easy-to-use technology such as Apple iOS and Android apps while providing exceptional customer service, technical support and fast merchant on-boarding […] We are confident in our ability to continue executing our growth strategy and are excited about the Company’s future.”
Net Element operates as a financial technology-driven group in mobile payments and other transactional services in emerging countries and in the United States. It operates through the following segments: North America Transaction Solutions, Mobile Solutions, Online Solutions. The company provides its services to multi-channel, including brick and mortar locations, software integration, e-Commerce, mobile operator billing, mobile and tablet-based solutions. It provides transactional services, mobile payment transactions, online payment transactions and other payment technologies in emerging countries in the Russian Federation, Commonwealth of Independent States, Europe and Asia Through its subsidiaries TOT Group Russia and Net Element Russia. Net Element was founded on April 20, 2010 and is headquartered in North Miami Beach, FL.