Taoping Reports 80% Increase in Contract Revenue Value For The Full Year 2023
Portfolio Pulse from Benzinga Newsdesk
Taoping Inc. (NASDAQ:TAOP) reported an 80% increase in contract revenue value for the full year of 2023 compared to 2022, with contracts totaling approximately $37.94 million. The majority of this revenue is expected to be recognized in fiscal year 2023, with the remainder in 2024. The growth was driven by demand for the company's city partner ecosystem and software development and advertising solutions. Taoping is investing in new AI-driven products, expecting significant contributions in fiscal year 2024. The CEO anticipates continued strong growth in 2024, with new contributions from the Cloud Nest AI system, Smart City solutions, and other AI-driven businesses.
January 16, 2024 | 2:05 pm
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Taoping Inc. reported a significant 80% increase in contract revenue for 2023, indicating strong demand for its products and a positive outlook for the fiscal year 2024.
The reported 80% increase in contract revenue is a strong indicator of growth and is likely to positively influence investor sentiment in the short term. The company's investment in AI-driven products and the anticipation of continued growth in 2024 based on customer demand levels suggest a positive outlook, which could lead to an increase in stock price.
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