iCoreConnect Inc. Reports Decrease in Revenue for Q3 2023
Segments of revenue
iCoreConnect Inc. reported a net revenue of $2.00 million for the three months ended September 30, 2023, compared to $1.89 million in the same period last year. For the nine months ended September 30, 2023, the company's total revenue decreased by 4% to $5.70 million compared to $5.94 million in the same period in 2022.
Despite the decrease in revenue, iCoreConnect Inc. continues to show organic growth in its Software-as-a-Service (SaaS) segment. The company's management attributes the decrease in revenue to mild attrition in Q1 2023 and changes in legislation that pushed out several state e-prescription mandates, resulting in attrition in the back half of 2022. These factors impacted both services revenues and recurring revenues.
iCoreConnect Inc. faced challenges in the form of decreased services revenues and recurring revenues. The mild attrition in Q1 2023 and changes in legislation affected the company's performance in these segments. Additionally, the company expects fluctuations in future quarterly and annual operating results due to various factors, including merger and acquisition activity, competition, and general economic conditions.
It is worth noting that iCoreConnect Inc. experienced a decrease in total revenue for the nine months ended September 30, 2023, compared to the same period last year. The impact of mild attrition and changes in legislation contributed to this decline. However, the company's SaaS segment continues to exhibit organic growth.
iCoreConnect Inc. reported a decrease in revenue for the third quarter of 2023, with net revenue amounting to $2.00 million. The company attributes this decline to mild attrition and changes in legislation affecting services revenues and recurring revenues. Despite these challenges, iCoreConnect Inc. continues to experience organic growth in its SaaS segment. Investors should consider the potential fluctuations in future operating results due to various factors impacting the company's performance.