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SilverSun Technologies Inc. (SSNT) stock jumps 7% today. Here’s what has happened

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SilverSun Technologies Inc. (NASDAQ: SSNT) stock rises by 7.07% in the current trading session after SSNT today has announced financial results of its fourth quarter and full year ended on December 31, 2020. SSNT is a business application also a technology and consulting company that facilitates people with software and IT solutions for their information, technology and business management queries. Through its services, SSNT makes its customers able to manage and monetize their enterprise assets.

Financial results of the fourth quarter and full year 2020

  • SSNT has generated total revenue of $11,308,787 for the fourth quarter of 2020 compared to $9,967,886 in the fourth quarter of 2019, this makes a total increase of 13.5%. While the revenue generated for the full year 2020 was $44,220,406 whereas for the full year 2019 revenue generated was $38,502,482 which is an increase of 7.1%.
  • The gross profit reported by SSNT for the fourth quarter was $4,736,177 and $16,578,981 for the fourth quarter and full year, respectively. Comparatively, for the fourth quarter and full year 2019, the gross profit was $3,723,109 and $14,678,454.
  • Also, the Income generated from the existing operations was $480,391 for the fourth quarter of 2020 compared to the loss of $399,557 from the same operations in 2019.
  • Earnings per share for the full year 2020 from the existing operations were $0.04, whereas for the year 2019 the EPS was $0.33.
  • Lastly, by the end of 2020, cash totaled was $6,595,416 also SSNT had $1,892,129 as in long-term liabilities.

Conclusion

The financial results depict that unlike many other companies the business of SSNT did not get affected by the COVID-19 pandemic. Also, the CEO of SSNT showed his confidence in the progress of SilverSun technologies and also mentioned that they are hopeful to continue making progress in the coming months as well.

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