Plus   Neg

Stock Alert: Socket Mobile Soars 160% On Quarterly Results

Shares of nano-cap company Socket Mobile, Inc. (SCKT) are skyrocketing after the maker of barcode scanners reported a huge growth in profit for the third quarter.

SCKT is currently trading at $3.80, up $2.34 or 160.274%, on the Nasdaq.

Third-quarter profit rose to $424 thousand or $0.06 per share from $94 thousand or $0.01 per share last year. However, the company's results aren't complete and are subject to goodwill impairment.

"I need to point out the Q3's net income may be impacted by adjustment to our goodwill, which is currently under review. Unfortunately, this annual review was not started in time and therefore, could not be completed before today's announcement. We will report the results in the Form 10-Q that will be filed on or around November 13th," Mills said.

Revenues for the third quarter dropped 17% to $4.1 million from $5.0 million last year. Nevertheless, compared to previous quarter revenues increased 51%.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
British retailer Arcadia fashion group, owned by Philip Green, has entered into administration as it seeks protection from creditors following significant business loss during the coronavirus pandemic. The administration is likely to affect around its 13,000 employees. The retailer, which owns eight high street and fashion retails brands, is now seeking buyers for its brands. Data giant S&P Global Inc. has agreed to acquire information and analytics company IHS Markit Ltd. in an all-stock deal, the two companies said Monday. The deal values IHS Markit at an enterprise value of $44 billion, including $4.8 billion of net debt. Shares of IHS Markit are gaining almost 6 percent following the news. The deal is the biggest in 2020. Moderna, Inc. (MRNA) said it will apply for an Emergency Use approval of its Covid vaccine as the latest study showed that the vaccine candidate is 94.1% effective to prevent Covid-19. The company said there have been no serious safety concerns identified. The company will file for an Emergency...
Follow RTT