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Sonim Technologies Inc. (NASDAQ: SONM) stock plunged during after-hour trading. Here’s to know why?

Sonim Technologies Inc. (NASDAQ: SONM) stock gained by 3.59% at the last close whereas the SONM stock price falls by 20.16% during the after-hour session after Sonim technology released its financial results for Q1 2021. Sonim Technologies is a leading manufacturer of ultra-rugged cell phones and devices in the United States, with a focus on job staff who are physically involved in their work environments, often in mission-critical positions.

Financial Highlights

On May 11, 2021, Sonim Technologies announced its official financial results for the first quarter 2021. Given below is the summary:

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Business Highlights

Bob Tirva, Chief Financial Officer stated:

Higher-than-expected litigation costs due to a pending SEC probe affected SONM’s first quarter operating expenses the most. It’s likely that a high degree of litigation spending will persist until the case is settled. Once such deductible amounts are met, a percentage of SONM’s litigation costs will be paid by their corporate insurance policies in the future. In accordance with the lean operating mantra Sonim has embraced over the last 18 months, SONM has made considerable strides on their other operating cost groups. SONM has already put money into funding ODM commitments for their next-generation devices, which are set to debut in the second half of 2021 and are expected to significantly increase their addressable business opportunities.

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