Vocus reported third quarter revenue rose 17% to $28.9M as the PR software provider narrowed its net loss to $212K from $742K a year earlier.
The company added nearly 1,000 new annual subscription customers during the quarter, a 72-percent increase over Q3 of 2010 that included Monsanto, the American Beverage Association and Trek Bicycle Corp., for a total of 10,855 active subscribers.
Looking ahead, CEO Rick Rudman said the company’s new marketing suite is expected to drive growth in small and mid-market business as more than half of its business prospects have “marketing” in their job titles. Customers of its PRWeb online press release service are seen as a key potential customer base for the suite.
Rudman said Vocus’ social media monitoring service unveiled in Q2 has been its most successful product lunch thus far with expectations for revenue topping $7M for the year.
Vocus is expanding a $30M stock-buyback program to $60M. Its shares are trading in the $20-$21 range, on the lower end of its 52-week range of $15.61-$33.70.