Socket Mobile Inc. (NASDAQ: SCKT) stock gained by 16.62% at last close whereas the SCKT stock price declines by 17.26% in the after-hours trading session. Socket Mobile is a company that provides data capture and delivery solutions for workforce mobility that improve productivity.
SCKT stock’ Financial Highlights
Socket Mobile has announced its third-quarter 2021 financial results in accordance with GAAP. The highlights are given below:
- The company has generated revenue of $6.3 million, while in comparison to the third quarter of 2021, this is an increase of 54%. However, it has increased 6% relative to the previous quarter’s revenue of $6.0 million.
- The Gross margin for the third quarter of 2021 has declined to 54% from 55% sequentially and in the third quarter of 2021.
- The company managed to make $0.7 million in cash through operations, as well as completed the quarter with a cash balance of $5.4 million.
- SCKT‘s operating income for the third quarter of 2021 was $954,000, relative to a loss of $4.0 million in the previous year. It comprises a $4.4 million non-cash impairment charge in the prior year quarter and $814,000 in operational profits in the second quarter of 2021.
- In the similar prior year quarter, diluted profits per share were $0.07, compared to ($0.62) in the comparable prior year quarter and $0.27 in Q2 2021, when a $1.9 million tax gain was realized.
Kevin Mills, President, and CEO stated,
They are delighted with their achievements this quarter, which included excellent sales, profits, EPS, and operational cash flow. The high application-driven requirement for their Bluetooth scanners continues to drive overall sales. The application partners’ clients may be more efficient and productive owing to the Bluetooth scanners.
They implemented a number of strategic steps to enhance their inventory in 2020 and over the last nine months. In the midst of continuous industry-wide electronic component shortages and delays, the goal was to be able to provide services to their application partners. They are committed to resolving delivery and supply challenges so that they may continue to serve their clients.
