HomeTrending StocksSmith Micro Software Inc. (SMSI) stock rises during pre-market. What’s behind this?

Smith Micro Software Inc. (SMSI) stock rises during pre-market. What’s behind this?

Smith Micro Software Inc. (NASDAQ: SMSI) stock declined by 3.85% at last close whereas the SMSI stock gains by 11% in the pre-market trading session. Smith Micro creates software that simplifies and improves the mobile experience for some of the world’s major wireless service providers and cable MSOs. Their solutions enhance today’s interconnected lifestyles while offering new possibilities to engage customers via smartphones and consumer IoT devices, from allowing the family digital lifestyle to delivering strong voice messaging capabilities.

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SMSI stock, Financial Highlights

Smith Micro Software announced its second quarter 2021 financial results. Given below is the summary:

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  • Smith Micro recorded $15.9 million in revenue for the second quarter ended June 30, 2021 which is a rise from $12.9 million in the second quarter 2020.
  • Gross profit calculated for 2021 was $12.6 million, relative to $11.7 million in the second quarter of 2020.
  • In the second quarter of 2021, net profit as a proportion of revenue was 79%, relative to 90% in the second quarter of 2020.
  • In Q2 2021, GAAP total loss in the United States was $5.2 million, or $0.10 loss per share, relative to GAAP net gain of $1.4 million, or $0.03 diluted profits per share, in the second quarter of 2020.
  • Non-GAAP net loss was calculated as $307 thousand, or $0.01 loss per share, in Q2 2021, however the non-GAAP total income of $3.0 million, or $0.07 diluted earnings per share, in the second quarter of 2020.

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William W. Smith, President, and CEO of Smith Micro Software stated,

After a strong quarter, he is still quite optimistic about Smith Micro’s prospects. As they incorporate the people, customers, and technology obtained via the largest acquisition in company history, their second-quarter financial results were in accordance with their estimates. Strategic conversations with their major carrier clients are progressing well, and they think the Company will be well-positioned for a robust second half in 2021 and beyond

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