Social Life Network, Inc.
Social Life Network, Inc. Announces Record 119% Year Over Year Revenue Growth
Increasing its revenue significantly in 2019, while further increasing its gross profit margin by 14%
DENVER, CO / March 26, 2020 / Social Life Network, Inc. (OTC: WDLF), announces today, and as reported in its Form 10-K filed with the SEC on March 20, 2020, its annual sales increased 119% in the year ending December 31, 2019. The growth reflects the revenue booked in 2019 versus the same of the prior year.
"After a strong sales and marketing push in 2019, along with the further expansion of new revenue centers in the company, I'm pleased to announce Social Life Network realized record revenue growth last year," said Ken Tapp, CEO of Social Life Network. "This is a huge step for the organization and raises our goals even higher as we continue to provide our clients with the utmost service and resources through our AI-powered technology platform."
Social Life Network's 119% revenue growth in 2019 is the largest year-over-year revenue growth in the history of the company.Additionally, 2019 revenue is an increase of 97.5% over the next largest reported revenue year of 2016.
"As Social Life Network aims toward greater annual revenue, we stay focused on increased profitability across each of our revenue centers. Our sales and account support team strive for excellence, but more importantly stay focused on efficiency in order to increase our bottom line and strengthen our growth momentum in the years to come." said Tapp.
The Company not only increased revenue significantly in 2019, but increase its gross profit margin by 14% from $215 thousand in 2018, to $251 thousand in 2019.It is important to note that the company has consistently increased gross profit year-over-year, with an increase from 2017 through 2019 by 21%.
About Social Life Network, Inc.
Social Life Network, Inc. is an artificial intelligence and blockchain powered social network and e-commerce technology company based in Denver Colorado. Since the launch of the company in January of 2013, we have launched niche industry social networks to service the millions of business professionals and consumers in the residential real estate industry, the legal global cannabis and hemp industry, and many sports verticals including racket sports, soccer, hunting and fishing, worldwide. In January 2020, the combined user-ship of our niche social network exceeded 4 million monthly users.
For more information, visit: www.SocialNetwork.ai
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. No information in this press release should be construed as any indication whatsoever of the Company's or MjLink's future financial results, revenues or stock price. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
SOURCE: Social Life Network, Inc.