Bridgeline Digital Inc (NASDAQ:BLIN) has announced strong growth in revenue and gross profit for its fiscal third quarter, powered by the company's intelligent product search and recommendation engine, Hawksearch.
The marketing technology software firm said revenue for the three months ended June 30, 2022, grew by 22% to $4.2 million from a year earlier, while gross profit increased by 30% to $2.9 million from the same period in 2021.
"Bridgeline continues to see strong demand, especially for our site search products," Bridgeline president and CEO Ari Kahn said in a statement announcing the results. "Hawksearch is leading our growth thanks to strong partnerships with platforms, including BigCommerce, Kentico, Optimizely, and Sitefinity."
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Bridgeline said net income for the quarter was $400,000, reversing a loss of $3.6 million for the year-ago period, while gross margin grew to 70% from 65% in the same period in 2021.
Revenue from subscription and licenses increased by 29% to $3.4 million for the quarter ended June 30, 2022, representing 81% of total revenue compared to 76% for the same period in 2021, while revenue from services was unchanged at $800,000 from a year earlier, representing 19% of total revenue compared to 24% a year ago.
The company closed 23 license sales during the third quarter on the back of its strong cross-sale strategy, Bridgeline said, adding that 11 subscription sales were to existing clients and 12 were newly-won customers.
Bridgeline helps companies grow online revenues by increasing their traffic, conversion rate, and average order value with its Unbound platform and suite of apps.
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