Home Top Movers What Caused Socket Mobile (SCKT) Stock To Continue The Rally, Even In...

What Caused Socket Mobile (SCKT) Stock To Continue The Rally, Even In After-Hour Trades?

Socket Mobile Inc. (SCKT) saw its shares rising 37.36% in after-hour trades on Wednesday following release of its quarterly report after ring of the bell.

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The stock of data capture and delivery solution provider to mobile applications was observed closing at $10.10 in the last trading session, with the day’s gain in regular session coming at 7.56%.


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What happened?

As a leading provider of data capture and delivery solutions for workforce mobilization, Socket Mobile enables organizations to increase their productivity. Socket Mobile’s business relies mainly on the deployment of barcode mobile applications by third party companies. Markets served by the company include specialty retailers, field service providers, as well as the manufacturing and transportation industries with thousands of developers attached to its platform for advanced tools available.

The company yesterday announced its Q4 as well as full year 2020 results which drove the stock up in regular as well as after hour trades.

For the fourth quarter 2020:

  • Revenue of $4.7 million was generated in 2020 compared with Q4 2019 revenue of $4.6.
  • Net income for the quarter rose to $1.6 million, or $0.26 per share. In the same quarter last year, net income was $0.06 million, or $0.01 per share.
  • Gross margin was 53.2 percent, compared to 53.1 percent in the same quarter of previous year.
  • Operating expenses dropped by 12.4 percent to $1.9 million, down from $2.2 million a year ago.

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For full year 2020:

  • Relative to $19.3 million in 2019, revenue in 2020 dropped by -19% to $15.7 million.
  • In 2020, the company lost -$0.54 per share or $3.3 million whereas it made a profit of $0.05 per share or $0.3 million in 2019.
  • A gross margin of 53.1% was achieved for the year against a 2019 gross margin of 52.5 percent.

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