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Zedge sees increase in app downloads and monthly active users in its fiscal third quarter

The mobile content platform signed a deal with artist Nicki Minaj to promote her new music on the app
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The app has been downloaded over 320 million times

Zedge Inc (NYSE:ZDGE) announced its fiscal third-quarter earnings, reporting a double-digit increase in app downloads.

The mobile-content platform reported a loss of US$0.03 per share on revenue of US$2.55mln compared with a loss of US$0.02 per share on revenue of US$2.53mln in the previous year’s third quarter.

The platform allows smartphone users to personalize their phones with ringtones, wallpapers, app icons and notification sounds.

"Q3 2018 was a mixed bag for us. On the upside, Zedge Premium, our marketplace for digital content, shows early promising potential. Even without aggressive promotion or deep product integration, usage and conversion rates are outpacing our expectations," said CEO Tom Arnoy.

In the last 30 days of the quarter, its monthly active users increased nearly 8% to 34.2 million compared with 31.7 million in the previous year’s third quarter.

App installations increased nearly 24% to 321.5 million from 260.4 million.

Multi-platinum artist Nicki Minaj will be using Zedge Premium to promote her new music during her upcoming world tour.

Shares of the New York-based company were up less than 1% to US$4.22 in Wednesday after-hours trading.

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