Big updates from one of the biggest new top level domain name companies.
Publicly traded Minds + Machines (London AIM: MMX) released a corporate update today, and it’s big.
The company has close to $50 million in cash in the bank, which gives it plenty of time to wait out the hoped-for surge in acceptance of new top level domain names. But it’s not going to sit back and watch its cash position dwindle each quarter. Instead, it’s taking action to become profitable soon and find a way to return the cash to shareholders. I think these are smart moves that should please shareholders.
Here are key items from the update.
1. Minds + Machines had layoffs last month, for the right reasons. The company says this will save the company $1.3 million per year and it is hunting for more ways to save money. It’s also moving from technical expertise to a sales organization.
Most importantly, it targets becoming profitable next year.