Legend Internet Plc has reported a loss for the six months ended January 31, 2026, as rising operating costs and finance charges weighed on earnings, according to its latest management financial statements filed on the NGX platform.

The company posted revenue of N505.36 million for the period, down from N622.64 million recorded in the corresponding period of 2025, reflecting a contraction in topline performance.

Despite generating a gross profit of N322.99 million, Legend Internet’s profitability was eroded by elevated administrative expenses, which surged significantly to N457.62 million from N166.78 million in the prior year.

This drove the company to an operating loss of N134.63 million, compared to an operating profit of N244.55 million a year earlier.

Finance costs further pressured the bottom line, rising to N64.71 million, while interest income provided only a limited offset.

Consequently, the company recorded a loss after tax of N99.34 million, a sharp reversal from the N239.85 million profit posted in the same period of 2025.

Earnings per share also declined into negative territory, closing at a loss of 11 kobo compared with earnings of 12 kobo in the prior period.

A review of the company’s financial position showed total assets increased to N3.45 billion as of January 2026, up from N3.21 billion in July 2025, driven largely by growth in cash and cash equivalents and receivables.

However, shareholders’ funds weakened to N2.55 billion from N2.80 billion, reflecting the impact of the reported loss and dividend payments.

Cash flow analysis indicates that net cash used in operating activities stood at N237.48 million, highlighting liquidity pressure in the core business.

This was partially offset by financing inflows, including loans, which helped lift cash balances during the period.

Further breakdown showed personnel costs rose markedly to N153.50 million, underscoring increased staff-related expenses, while depreciation and amortisation charges remained significant due to ongoing investments in network infrastructure.

The results underlined the pressure on smaller telecom and internet service providers navigating high operating costs, currency volatility, and infrastructure demands within Nigeria’s competitive digital services market.

Several leading social media companies have agreed to pay approximately 27 million dollars to settle a lawsuit filed by a school district in the United States over claims that their platforms contributed to a student mental health crisis.

Court documents reviewed by AFP showed that the settlement involved major technology firms, including Meta, Snap, ByteDance and Google.

Under the agreement, Meta, the parent company of Facebook and Instagram, will pay nine million dollars, while Snap, owner of Snapchat, and ByteDance, the parent company of TikTok, will each contribute eight million dollars.

Google, whose products include YouTube, will pay about two million dollars in cash and provide educational training and software licences valued at about 900,000 dollars.

The lawsuit was filed by the Breathitt County School District in Kentucky, a rural district whose case was selected as a test case among more than 1,200 similar lawsuits brought by school districts across the United States.

The district had sought more than 60 million dollars to fund a 15-year mental health programme and address the alleged effects of social media use on students, including sleep disorders, emotional distress and interpersonal conflicts.

The case was scheduled to proceed to trial later this month in Oakland, California, before the companies opted to settle.

As part of its contribution, Google will provide professional development support, licences for its artificial intelligence education software, a social-emotional learning programme and technical assistance for educational tools.

The settlement agreements do not include any admission of wrongdoing by the companies.

Legal analysts say the development could increase pressure on the firms to resolve other pending cases involving similar allegations.

The lawsuits are being overseen by Judge Yvonne Gonzalez Rogers of the Federal Court in Oakland, California.

The settlement comes amid growing scrutiny of social media platforms over their impact on young users.

In March, a Los Angeles jury reportedly found Meta and Google liable in a case involving claims about the addictive nature of Instagram and YouTube.

During the same period, a jury in New Mexico ordered Meta to pay 375 million dollars in damages in a case alleging that minors were exposed to inappropriate content and online predators.

In addition, more than 30 U.S. states are pursuing separate legal action against Meta over related social media concerns, with that case expected to proceed to trial later this year.

Observers say the latest settlement underscores increasing concerns among educators, parents and policymakers about the influence of social media platforms on the well-being of children and teenagers.

Flutterwave has announced a company-wide employee support package that includes promotions for about 25 per cent of its global workforce, a one-off economic relief payment and enhanced support measures for employees in Nigeria.

The fintech company said more than 100 employees across its global operations had been promoted as part of efforts to reward performance and strengthen employee welfare.

In addition, all staff worldwide will receive a one-time economic relief payment, while employees in Nigeria will benefit from additional tax support and cost-of-living adjustments following recent regulatory changes affecting take-home pay.

The company said the initiative was introduced in response to rising living costs across key markets, particularly in Nigeria, where inflation and increased transportation expenses have placed pressure on household incomes.

Speaking on the development, Olugbenga Agboola, founder and Chief Executive Officer of Flutterwave, described employees as the driving force behind the company’s growth and innovation.

“I often say our people are our secret sauce. They are the ultimate engine behind everything we build, giving us the capacity to create solutions that power businesses, unlock opportunities and move money seamlessly across Africa and beyond,” he said.

According to the company, the support measures form part of its broader strategy to improve staff welfare, retain talent and create an environment where employees can focus on their work without undue financial pressure.

Also speaking, Annette Akpolo said the initiative reflects a balance between rewarding individual performance and addressing the collective needs of employees.

“Our goal has always been to build an environment where our people can focus on doing their best work, rather than being weighed down by economic anxiety.

“Pairing merit-based individual growth with supporting the collective needs of the whole team are both essential parts of how we build a company culture where people genuinely want to stay and grow over the long term,” she said.

Founded in 2016, Flutterwave is marking its 10th anniversary in 2026.

The company disclosed that it has processed more than one billion transactions and facilitated over 40 billion dollars in total payment value globally since inception.

Flutterwave also reported strong growth across its payment channels, including a 289 per cent increase in wallet-based collections by transaction volume and a 184 per cent rise in bank transfer value over the past year.

The company attributed the growth to increasing adoption of local payment methods across its operating markets.

Industry observers note that the latest employee support package comes amid increasing competition for skilled talent in Nigeria’s fintech sector, where firms are adjusting compensation and benefits to retain workers in the face of rising living costs.

Agboola said future growth opportunities within the company would continue to be based on performance, leadership and meaningful contributions to its mission.

“At Flutterwave, growth is earned through meaningful contributions to the business and to the mission we are building together.

“As we continue to grow, the people who will shape our future are those who consistently step up, solve hard problems, support others and move the company forward,” he said.