Italian mobile personalization and services giant Buongiorno (BIT:BNG) announced it's Q3 2009 earnings this morning. As I expected, the company continues to experience a "pattern of slight slowdowns in mature markets" (euphemism alert) for its D2C ringtone and graphics offerings in established markets. However, they're still claiming solid growth in developing markets (especially Africa) and now report to have 8mil D2C customers worldwide. Eventually these guys are going to run out of new markets to prop up this sector and unless they can find a way to reinvent this experience to compete with modern app stores, the maintenance of this anachronistic consumer-facing business is really going to start hurting them from a real and opportunity cost standpoint. Barring an epiphany on the consumer side, I think in order to begin realizing financial growth again the company needs to focus its attention on its B2B services, including its Intelligent Mobile Marketing CRM solution for carriers and its newly re-branded B!Digital marketing consulting and services group... which just landed a deal with Real Madrid. btw - no mention here about the performance of their mobile social network "peoplesound", which I predicted would be closed by next April.