InterCloud Systems, Inc. (ICLD) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $2.07 million in the quarter, against a net loss of $2.87 million in the last year period.
Revenue during the quarter grew 10.98 percent to $19.55 million from $17.62 million in the previous year period. Gross margin for the quarter expanded 110 basis points over the previous year period to 28.71 percent. Operating margin for the quarter stood at negative 19.42 percent as compared to a negative 9.35 percent for the previous year period.
Operating loss for the quarter was $3.80 million, compared with an operating loss of $1.65 million in the previous year period.
Mark Munro, chairman and chief executive officer of InterCloud, stated, "Notwithstanding the challenges we have faced this year in the equity markets, we have experienced revenue growth over the comparable period in 2015. We have seen the results of our measures taken to reduce operating expenditures. These reductions in SG&A expenses while building on our industry leading automated Software Defined Networking (SDN) solutions and professional services division leads us on the path to profitability. We will continue on this path as we cut costs, restructure our debt, divest ourselves of non-core assets and continue to develop higher margin revenue around SDN and Network Function Virtualization."
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