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Tag: SCKT Stock

  • Socket Mobile Inc. (SCKT) stock soared in the after-markets on Thursday but Why?

    Socket Mobile Inc. (SCKT) shares soared 79.31% in after-hours on Thursday, July 22, 2021, and closed the day at $10.40 per share. Earlier in the morning session, SCKT’s stock lost 3.01% to close Thursday’s session at $5.80 per share. SCKT shares have risen 297.26% over the last 12 months, and they have moved up 1.40% in the past week. Over the past three months, the stock has lost 21.62%, while over the past six months, it has declined 100.00%.

    Let’s see what’s happening with SCKT in the recent past?

    Financial results announcement

    On July 22, 2021, Socket Mobile, Inc released its financial results for the three and six months ended June 30, 2021.

    Q2 2021 financial highlights

    • Socket Mobile reported revenue of $6.0 millioninQ2 2021 compared with $2.7 million for the same period in 2020.
    • The gross margin was 55% in Q2 2021 compared with 50% in Q2 2020.
    • Operating income was $814,000inQ2 2021 compared to an operating loss of $810,000 in Q2 2020.
    • In Q2 2021, operating expenses were$2.4 million compared to 2.2 million for the same quarter in 2020.
    • The company earned a net income of $2.6 million in Q2 2021 compared to $0.768 million in Q2 2020.

    Built-In compatibility with EU Digital COVID Certificates

    On June 2, 2021, Socket Mobile, Inc announced that its entire family of barcode scanners offer out-of-the-box support for applications designed to facilitate EU Digital COVID Certificates.

    The Certificate will facilitate travel within EU borders by providing information such as vaccination, test and recovery status via a digitally signed QR code.

    New appointment

    On May 18, 2021, Socket Mobile, Inc appointed Dave Holmes as Chief Business Officer.

    Dave has more than 20 years of experience and have wealth of knowledge and experience that will enable Socket Mobile to navigate the complexity of the ecosystems and become a key player in these emerging markets.

    Q1 2021 financial results announcement

    On April 22, 2021, Socket Mobile, Inc released its financial results for the first quarter of 2021.

    Q1 2021 financial highlights

    • Socket Mobile generated a revenue of $4.8 million in Q1 2021 compared to $4.2 million in the first quarter of 2020.
    • Operating expenses were $2.3 million in Q1 2021 which were the same in Q1 2020.
    • The company reported a net income of $203,000, or $0.03per basic and fully diluted share in Q1 2021, compared to a net loss of ($90,000), or ($0.01) per basic and fully diluted share, in the first quarter of 2020.
    • As of March 31, 2021 company had a cash amount of $5.0 million.

    Conclusion

    The improved financial results took the SCKT stock to new heights in the after-markets on Thursday. we are pretty sure that SCKT will continue its momentum on Friday as well.

  • Socket Mobile (NASDAQ: SCKT) Stock Up 158% In Pre-Market. Here’s Why

    Socket Mobile (NASDAQ: SCKT) Stock Up 158% In Pre-Market. Here’s Why

    Shares of Socket Mobile, Inc. (NASDAQ: SCKT) went up 158.90% during the pre-market trading session of Friday. Its trading volume boomed to 16.23 million shares, which is enough to excite its stock ahead of the open. The computer Hardware company has reported that its third-quarter profit more than quadrupled, although the company revealed that the results weren’t complete and dependant on goodwill impairment.

    Socket Mobile has reported a revenue of $4.1 million in the third quarter of 2020, recording a 17% decline in the revenue as compared to the revenue of $5.0 million for the same quarter a year ago. It has shared a Net income* of $424,000*, or $0.07* per share in the third quarter of 2020 as compared to the net income of $94,000 in the third quarter of 2019.

    The company has disclosed that its revenue for the nine months ended September 30, 2020, was $11 million. It has recorded a decline of 24.7 percent in revenue for the third quarter of 2020 as compared to the $14.7 million in the same period a year earlier. SCKT has recorded the net loss for the nine months ended September 3, 2020, was $434,000*.

    Socket Mobile has announced that its auditor did not complete the annual review process related to the goodwill impairment. It has revealed that all the numbers that would be negatively affected by adjustment goodwill are asterisked. The review of goodwill impairment got delay because of uncertainties prevailing due to the ongoing pandemic.  It will soon release the complete results in Form 10-Q for Q3 after completing the review of goodwill.

    Socket Mobile, Inc. (NASDAQ: SCKT) shares were trading up 1332.88% at $3.360 during the pre-market trading session of Friday. Socket Mobile, Inc. (SCKT) share price went from a low point around $0.76 to briefly over $4.15 in the past 52 weeks. It has moved up 92.11% from its 52-weeks low and moved down -64.82% from its 52-weeks low. SCKT market cap has remained high, hitting $8.86 million at the time of writing.

    Socket Mobile revealed that it has recorded the Gross margin on revenue for the three-month of 55.3% and the Gross margin on revenue for the nine-month period completed on September 30, 2020, was 53%.  It has revealed that the future will remain uncertain due to the coronavirus pandemic.

    But its Q3 results and strong balance sheet will help the company to remain in a good position even in this pandemic.  President and CEO Kevin Mills announced that the company will release the complete results in the Form 10-Q that will be filed on or around November 13, 2020.