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

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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.

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