The provider of Telecom, Technology, Fintech, and Blockchain solutions worldwide, iQSTEL Inc (OTC: IQST) saw its stock price falling yesterday. The iQSTEL closed the day at a price of $1.0500, a decline of 17.32 percent. This came after the IQST stock had gained almost 10% in the previous day’s trading. The iQSTEL stock fell yesterday due to investors pocketing their profits on the gains IQST stock made the day before.
What does the iQSTEL do?
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iQSTEL is a US-based company with a global presence, providing advanced Telecommunication, Technology, and Fintech solutions to global markets. IQST’s clientele includes telecommunications, electric vehicles, liquid fuel distribution, chemicals, and financial services.
IQSTEL has four Business Divisions: Telecom, Fintech, Blockchain, and Technology. With its subsidiaries Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoTLabs, the Global Money One, and its chain, IQT serves its worldwide B2B and B2C customer relations.
The iQSTEL stock gained on Monday due to increased revenue generated in February and an upward revision in the IQST stock’s revenue forecast. IQST announced Monday that it’s February 2021 revenues were $4.86 million, up 288% over February 2020 revenues of $1.68 million.
Year-To-Date (YTD) revenue through the end of February 2021 increased by 273% to $9.65 million compared to $3.53 million for the first 2 months of 2020. According to the iQSTEL forecast, it will generate $60.5 million by 2021.
With dramatic revenue growth and improved profitability, Management anticipates iQSTEL’s Telecom subsidiaries will consolidate under a single brand name, improving marketing momentum and profitability.
Further, the IQST’s management indicates that sales will likely exceed the current forecast due to the potential contribution of its other high margin units.
One of them is IQST’s Technology Division, which offers IoT and Batteries for Electric Vehicles, as well as Fintech Divisoin of Visa Debit Card and the Blockchain division of MNPA.
Even though iQSTEL Inc. (IQST) released good news that led the IQST stock to rise on the day, the fall yesterday was a clear indication iQSTEL stock failed to maintain the gain.