Audioboom posts record quarterly revenues, maiden adjusted underlying profit

Audioboom also posted a maiden adjusted underlying profit of $30,000, a marked turnaround when compared to the $500,000 loss reported at the same time a year earlier.

Average global monthly downloads increased 37% year-on-year to 87.1m, while the firm's average brand advertiser count of 301 was up 12% on the first quarter of 2020.

The AIM-listed group also stated that average global revenue per 1,000 downloads had increased 14% to $40.55.

Chief executive Stuart Last said: "Q1 2021 was a breakthrough period for Audioboom, reaching adjusted EBITDA profitability for the first time and demonstrating the strength of our business model. I am delighted with our revenue performance and continued cost control.

"Achieving adjusted EBITDA profitability for the quarter is an important milestone for Audioboom. We are now focused on ensuring 2021 continues to deliver even more success and even more value to our shareholders."

As of 1005 BST, Audioboom shares were down 4.29% at 730.0p.