RTTNews | Aug 11, 2021 10:41AM EDT

10:41 Wednesday, August 11, 2021 (RTTNews.com) - Shares of digital payments and financial technology company Mogo Inc. (MOGO) are climbing more than 18% Wednesday morning after reporting robust second-quarter results. The company also raised its forth-quarter subscription and services revenue growth outlook.

Net income in the second quarter was $9.0 million, driven by a $24.9 million gain on the Coinsquare investment, compared with a net loss of $1.6 million last year.

Revenue for the quarter increased 29% year-over-year to $13.7 million, helped by 81% growth in subscription and services revenue.

The company cited its member base grew 63% to 1.7 million at quarter end.

Mogo raised its fourth quarter subscription and services revenue growth outlook to 100%-110% from 80% to 100% growth provided earlier.

Looking forward, the company expects annual revenue to be in the range of $70 million to $75 million.

"Our acquisition of Moka, pending acquisition of Fortification and our strategic investment in Coinsquare all greatly strengthen our product capabilities and expertise in digital saving, investing and wealth management. With these new assets, we are prioritizing the launch of MogoTrade, a free stock trading platform we expect to be live by the end of 2021. This new product, along with an expanded wealth management offering in 2022, will greatly expand our market opportunity and revenue potential in 2022 and beyond," said David Feller, Mogo's Founder and CEO.

MOGO is at $7.02 currently. It has traded in the range of $1.16- $12.29 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3218116/mogo-rallies-18-on-return-to-profit-encouraging-outlook.aspx)

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