Calgary's Poynt reaches 7,000,000 users and grows revenue by 178 percent

Calgary-based Poynt, a mobile local search app, reported first-quarter financial results yesterday.

Among them was the marking of a milestone. At the end of March, the company had 6,814,793 users. Based on its growth trajectory (it had 2,422,097 one year prior), it had well cracked the 7 million mark and may hit the big one-zero by the end of 2011.

Poynt saw revenue growth of 178 percent in first-quarter 2011, climbing from $200,000 in 2010 to over $500,000 now. However, the company struggles to combat operating costs.

Shares were up nearly eight percent on the news.