Summary by Moomoo AI
SilverSun Technologies reported a 10% increase in revenues to $14.4 million for the first quarter of 2024 compared to $13.1 million in the same period of 2023. The growth was primarily driven by an increase in professional consulting revenues, software revenue, and subscription income. Despite the revenue growth, net income from operations decreased to $227,686 from $369,537 year-over-year, attributed to increased operating expenses, including selling, marketing, and general administrative costs. The company's gross profit also saw a rise of 5.6% to $5.7 million, although the gross profit percentage decreased slightly due to lower margins on third-party software. SilverSun continues to focus on expanding its customer base and services, leveraging its expertise in ERP software and IT managed services. The company's strategy includes organic growth...Show More