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Mar 31, 2023
CoreCard Q1 2023 Earnings Report
CoreCard reported first quarter results with a decrease in total revenue but an increase in services revenue.
Key Takeaways
CoreCard's first quarter 2023 results showed a decrease in total revenue compared to the previous year, primarily due to the lack of license revenue in the current quarter compared to a strong prior year quarter. However, services revenue increased driven by growth in professional services and processing and maintenance revenue.
Total net revenue was $14.8 million.
Services revenue increased by 25% year-over-year.
Income from operations was $1.8 million.
Net income was $1.3 million.
CoreCard
CoreCard
Forward Guidance
CoreCard reaffirms its 2023 services revenue growth expectations of approximately 10% and total license revenue in the range of $3 million to $7 million.