Rent.com has announced a 4 increase in its revenue at a total odf $535,000 total.
From last quarter, the company suffered a $31,000 decrease in advertising revenue, a decline of 13 per cent. Rent did see a $53,000 increase in direct customer profits however.
Last month the company celebrated half a million unique users on its platform. The platform now hosts and additional 25,000 users today.
Rent CEO Greg Bader says advertising revenue continues to be a challenge for the company, but expects a change in momentum in coming months.
“While Advertising Sales revenue declined 13 relative to the December quarter (which had benefited from the impact of Christmas marketing budgets) it increased 9 per cent compared to Q1 FY19 and we are seeing significantly improved interest in our premium advertising options which we aim to convert into sales during the June quarter of 2019,” he said.
Rent also announced new expansions on its mobile application, Rentpay. The company has integrated direct e-payment onto the platform, allowing users to pay rent, see payment history and receive reminders.
The company expressed focus on the application growth and a move towards a subscription-based revenue model. Currently half of the company staff work in the software development.
The company also mentioned interest of increasing company funds by placement to shareholders.