California-based WM Technology, which does business as cannabis advertising platform Weedmaps, reported a profit for its most recent quarter, signaling a potential turnaround for the technology company.
WM Technology reported a net income of nearly $2 million for the quarter ending June 30, according to a news release.
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That’s compared with a net loss of $4 million in the previous quarter, Green Market Report noted.
For the second quarter of 2022, the company reported a net income of $19.8 million but finished the year with an overall net loss of $82.7 million.
The company attributed much of the losses to severance payments for significant layoffs in the fourth quarter.
Weedmaps’ number of average monthly paying clients is up slightly from 5,537 to 5,609, according to a news release.
But average monthly revenue per paying client is down to $3,022 from $3,509 for the same period
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