- China has long been a telecommunications juggernaut market thanks to its nearly 1.5 billion population and the popularity of using multiple mobile devices among its people
- U.S.-based communications technology services provider FingerMotion has focused on delivering a variety of telecommunications services to the Chinese market, ranging from SMS texting to big data analysis
- FingerMotion recently reported important quarterly revenues from its operation despite a new series of lockdowns resulting from China’s zero-tolerance policy toward the COVID pandemic
- The company continues to explore new growth opportunities, such as a device protection service it rolled out in July that will exceed the scope of most protection plans and provide the company with new revenue at relatively low cost
China has long presented a massive opportunity for mobile phone-connected market innovation, with its 1.66 billion-person mobile products user base and forecasts for continued growth, especially as 5G technology rolls out (https://ibn.fm/eORo1).
By the end of June, the number of 5G base stations in China reached 1.854 million, and there are more than 450 million 5G mobile phone users in the country, according to a report by Global Times on this year’s China Computational Power Conference (https://ibn.fm/ujXuy). Data presented at the conference showed all prefecture-level cities have implemented optical network broadband, and have more than 61 million household or company users.
“Now with the massive onset of 5G phones there’s a really large market in China that’s looking to change up their phones for, let’s say, 3G and 4G phones to 5G,” mobile technology services provider FingerMotion (NASDAQ: FNGR) CEO Martin Shen said in an interview last month that provided an overview of his company’s operations and opportunity within China’s economic engine.
“And also because we have such good relationships with really the largest telcos in China — China Mobile, China Unicom and China Telecom — I think that that kind of relationship lends itself to being very strong footing in terms of working in the Chinese market,” Shen said (https://ibn.fm/TVK0V).
The U.S.-based company reported record quarterly revenues of $4.86 million from a variety of telecommunication services in a recently released Q1 2023 financial statement (https://ibn.fm/rBkzH), despite market “softness” that resulted from new COVID-related lockdowns that have impacted a number of industries (https://ibn.fm/wVaXm).
“One factor that that seems to be overriding the softness experienced during the lockdown is the migration to 5G,” Shen reiterated in his analysis of the Q1 revenue report. “The mobile recharge business has strong underpinnings and is expected to continue its growth trajectory and a government stimulus plan may provide a boost to revenue as mobile phone sales started trickling in.”
FingerMotion completed the rollout of a new device protection service in July that Shen has described as an AppleCare-similar platform built directly into the large telco partners’ costs for users’ service plans. Because of FingerMotion’s symbiotic approach to the developing the product with the telcos and the efforts of its underwriting partner, Shen foresees the protection plan as a new revenue driver at relatively low cost to the company for covering broken phone screens, accidental damage repairs and compensation, and older device trade-ins.
For more information, visit the company’s website at www.FingerMotion.com.
NOTE TO INVESTORS: The latest news and updates relating to FNGR are available in the company’s newsroom at https://ibn.fm/FNGR
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.
As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.
For more information, please visit https://www.investorwire.com
InvestorWire is part of the InvestorBrandNetwork.