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CLRO Stock Surged 21.15% After-Hours, Here’s Why

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ClearOne, Inc. (CLRO) is up 21.15% in the after-hours trading session at the price of $3.78 despite any recent news.

ClearOne’s COLLABORATE Space Video Conference App

On 18th August 2021, CLRO published that its free COLLABORATE Space messaging and videoconferencing app enables users to register their accounts using a mobile phone number. The iOS and Android users can now launch into world-class video conferencing, presentation sharing, and messaging services using the searchable ID of their choice. They can even choose to use both their email and phone number searchable within the app. The app has made collaboration more effective as it allows users to find each other easily.

The app’s new mobile phone number options offer similar functionality to WhatsApp and Telegram, with a stronger focus on professional-quality video chats and communication tools. ClearOne’s COLLABORATE Space is more than just a messaging app. It’s a multi-purpose collaboration platform that delivers a full suite of audio, video conferencing, web conferencing, and meeting tools in a consistent interface.

ClearOne Aura Xceed BMA Won Prestigious TWICE VIP High-Res Audio Award

On 16th August 2021, CLRO declared that its groundbreaking residential Beamforming Microphone Ceiling Array, Aura™ Xceed™ BMA, was awarded a 2021 TWICE VIP Award in the category of High-Res Audio Components. The eighth edition of the awards praised the best features, design, and value that new products bring to consumers. The TWICE VIP Awards is a leading trade magazine for the consumer electronics and appliance industries. It is the only awards program voted on exclusively by consumer tech retailers and distributors.

CEO if CLRO, Zee Hakimoglu remarked that they are very grateful to receive this award from TWICE. They are honored by the overwhelming support that they received from the TWICE audience of retailers and distributors, he added.

CLRO Announced Second Quarter 2021 Financial Results

On 10th August 2021, CLRO declared financial results for the three and six months ended 30th June 2021. Revenue for the second quarter of 2021 was $7.7 million. Revenue was $6.4 million in the same quarter of 2020. GAAP gross profit in the second quarter of 2021 was $3.4 million. It was $2.6 million in the same quarter the previous year. A gross profit of $3.0 million was reported in the first quarter of 2021.

GAAP gross profit margin was 44.3% in Q2 2021 compared to 41.2% in the second quarter of 2020. The increment in gross profit margin is due to decreased freight, tariff costs, and inventory obsolescence costs. CLRO reported GAAP net loss of $1.6 million or $0.08 per share in the second quarter of 2021. Net loss was $1.9 million or $0.12 per share in the same quarter of 2020. The year-over-year decline in GAAP net loss was primarily because of an increase in gross profit attributable to higher revenue.

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