Data Storage Corporation reports increase in gross profit margin and successful expansion efforts.
From GlobeNewswire: 2024-11-14 04:00:00
Data Storage Corporation reported a gross profit margin increase of 400 basis points to 43.2% for the third quarter of 2024. The company achieved profitability for both the three and nine month periods, with $19.0 million in sales for the nine months ended September 30, 2024. Strategic focus on high margin recurring subscription revenue paid off, resulting in an 8.7% increase in gross profit.
Expansion efforts have been successful, with new partnerships and contracts in various sectors. Data Storage Corporation expanded its relationship with a billion-dollar insurance firm, secured a contract with a leading medical center, and landed a six-figure deal with a music publishing organization in education. These agreements highlight the strategic focus on secure, scalable cloud-based solutions for diverse industries.
The company’s recent expansion into the UK market and successful integration of Flagship Solutions have strengthened its global presence. The appointment of Colin Freeman as Managing Director of UK Cloud Host Technologies Ltd. marks an important step in expanding across the European market. With $11.9 million in cash and marketable securities, no long-term debt, and a focus on strategic investments, Data Storage Corporation is well-positioned for growth.
Data Storage Corporation will host a conference call today at 11:00 am ET to discuss its financial results for the third quarter of 2024. The call will be available via telephone or webcast, with replays accessible through the company’s website. As a leading provider of cloud hosting, disaster recovery, cybersecurity, and IT automation solutions, Data Storage Corporation serves Fortune 500 companies in sectors like government, education, and healthcare. Data Storage Corporation has recently expanded into the UK market, integrating Flagship Solutions to strengthen its global presence and operational efficiency. The company aims to build high-margin recurring subscription revenue and secure service agreements to meet clients’ data-intensive needs reliably. Strategic infrastructure deployment in UK data centers positions the company for accelerated growth. 1. The US economy added 266,000 jobs in April, falling short of the expected 1 million increase. The unemployment rate rose slightly to 6.1%. The leisure and hospitality sector saw the biggest gains, with 331,000 new jobs.
2. Elon Musk announced that Tesla will no longer accept Bitcoin as payment due to environmental concerns. Musk cited the high energy consumption of Bitcoin mining as the reason for the decision. Bitcoin’s value dropped 17% following the announcement.
3. India recorded its highest daily COVID-19 death toll with 4,187 deaths in the past 24 hours. The country also reported 401,078 new cases, bringing the total number of infections to over 21 million. Hospitals are overwhelmed, facing shortages of oxygen and medical supplies.
Read more at GlobeNewswire:: Data Storage Corporation Reports 2024 Third Quarter