So the Denmark-based Dynamics reseller has once again reorganized the business here and the latest country manager has shuffled off. The story was North American revenue fell 23 percent and corporate revenue was off 13 percent, down 15 percent in constant currency. The company continues to seek a replacement for CEO Thomas Honore, who left in August, and has put its ToIncrease software development business on the market. Left trying to slather lipstick on this baby was CFO and acting CEO Hans Henrik Thrane during this week’s earnings webcast. North American revenue was about $8.8 million. Cloud revenue in this continent was approximately $681,000 and you’d think a kid with a lemonade stand could do better. Overall, earnings of roughly $1.5 million were down 72 percent from a year ago. That includes about $500,000 in income from ToIncrease, now classified as a discontinued operation. Revenue dropped 5 percent to about $53.6 million. The biggest component, services revenue, was hard hit by impact of the coronavirus, dropping 15 percent to approximately $42.5 million. On the bright side was revenue from ColumbusCare, about 19.2 million, 16 percent, and cloud services, roughly 6.3 million, up 35 percent. On the webcast, Thrane said, There is great growth potential in what Columbus brings to market” as the company outline its Focus 23 strategy, which replace the prior Columbus 2020 plan. The major elements of Focus 23 are creating a true global consulting with a focus on p digital services and advisory while concentrating on larger customers in its key industries: retail, food and manufacturing.
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Just to show how things are going in Columbus’ operations in North America, cloud revenue did not grow for the third quarter ended September 30. This is at a time when cloud software vendors have been reporting double-digit revenue increases.