Home Equities Score Why Support.com Inc. (SPRT) stock faced headwinds on Monday?

Why Support.com Inc. (SPRT) stock faced headwinds on Monday?

Support.com Inc. (SPRT) shares gained 0.28% in after-hours on Monday, June 21, 2021, and closed the day at $3.53 per share. Earlier, in the morning session, SPRT’s stock lost 12.44% to close the session at $3.52 per share. SPRT shares have risen 137.84% over the last 12 months, and they have moved down 17.56% in the past week. Over the past three months, the stock has lost 50.42%, while over the past six months, it has declined 68.42%. Further, the company has a current market of $86.35 million and its outstanding shares stood at 20.20 million.

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New On-DemandFintech & CryptocurrencyCustomer Support

On June 3, 2021, Support.com, Inc announced new reliable and 24/7 on-demand customer support for emerging fintech leaders, cryptocurrency and NFT platforms, exchanges, and wallet OEMs.


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The new service will solve customer and technical support issues and provide education around cryptocurrency and financial services.

Recent financial results announcement

On May 13, 2021, Support.com, Inc released its unaudited financial results for its first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • com earned a revenue of 9.6 million in Q1 2021 compared to revenues of $11.9 million in the first quarter of 2020.
  • The company suffered a net loss of $2.0 million, or $0.10 per share, in the first quarter of 2021, compared to net income of $0.3 million, or $0.02 per share, in the first quarter of 2020.
  • Gross profit was $3.5 million with a gross profit margin of 37% in the first quarter of 2021, compared to $4.2 million gross profit and gross margin of 35% in the first quarter of 2020.
  • For Q1 2021, operating expenses were $5.6 million compared to $3.9 million in the first quarter of 2020.
  • The company had cash, cash equivalents, and short-term investments of $39.0 million on March 31, 2021, compared with $28.4 million on March 31, 2020, and $30.0 million on December 31, 2020.

Support.com facing legal actions on its merger agreement

Support.com has to face several lawsuits and class actions filed by many reputable law firms against the merger of support.com and Greenidge Generation Holdings Inc.

On March 22, 2021, Support.com and Greenidge Generation Holdings Inc. entered into an agreement in which Support.com was acquired by Greenidge in a merger transaction.

Q4 and FY 2020 financial results announcement

On March 30, 2021, Support.com, Inc released its unaudited financial results for its fourth quarter and year ended December 31, 2020.

Q4 2020 financial highlights

  • com earned a revenue of $10.5 million for the fourth quarter of 2020compared to revenues of $13.3 million in the fourth quarter of 2019.
  • The company reported breakeven net income in the fourth quarter of 2020, compared to net income of $0.2 million, or $0.01 per share, in the fourth quarter of 2019.
  • For Q4 2020, operating expenses were $3.9 million compared to $3.7 million in the fourth quarter of 2019.

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Conclusion

There is no recent news to justify its negative start on Monday and later SPRT minor recovery in the after-hours. The company is facing some legal issues over its merger which could be the reason behind its mixed performance on Monday.

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