Published on 15 Aug 2022 on Benzinga via Yahoo Finance

IZEA Worldwide Q2 Results Top Estimates, Registers 96% Revenue Growth

IZEA Worldwide Inc (NASDAQ: IZEA) reported a second-quarter revenue increase of 96% year-over-year to $12.58 million, beating the consensus of $9.75 million.Revenue from Managed Services more than doubled to a record $12.2 million on the strength of revenue from one large customer contract, which comprised ~85% Y/Y. Revenue from SaaS Services decreased by 5.6% Y/Y.Net loss was $(169,890), or $0.00 per share, compared to a net loss of $(158,405), or $0.00 per in 2Q21, beating the consensus of $(0.02).Adjusted EBITDA totaled $0.3 million for the quarter, compared with a loss of $(1.5) million a year ago, and the margin was 2%.Total costs and expenses increased 53% Y/Y to $13 million in the quarter.As of June 30, 2022, cash and investments totaled $70.3 million. The company had no long-term debt."While the near-term macroeconomic outlook is something we continue to monitor, we believe there is much opportunity for growth in the influencer marketing industry and it is our intent to capture more market share. IZEA has a strong balance sheet and zero long term debt. We intend to use this financial strength to our advantage as we strategically recruit new team members and aggressively pursue competitive wins," commented Ted Murphy, IZEA's Chairman, and CEO.Price Action: IZEA shares are trading higher by 20.90% at $1.10 during the post-market session on Monday.

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