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Socket Mobile (SCKT) Stock Surges As Q2 Revenue Jumps 119%

Updated: 23 Jul 2021

Data capture and delivery solutions company Socket Mobile's (NASDAQ: SCKT) shares have surged on Friday following the publication of its Q2 earnings.

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The company reported that revenue for the second quarter increased 119% to $6 million compared with $2.7 million for the same period in 2020 and 24% from compared to Q1 2021.

Socket Mobile put the increase in revenue down to the deployments of business applications in the retail industry.

Operating income for the period was $814,000 compared to a loss of $810,000 the previous year, while operating expenses were $2.4 million, a rise of 12% compared to $2.2 million for the same quarter a year ago.

Net income was $2.6 million, which included an adjustment of $1.9 million related to tax benefit recognition resulting from the disqualified disposition of incentive stock options.

Earnings per share came in at $0.27 from a loss per share of $0.13 the previous year.

“We are pleased with our strong performance for the second quarter of 2021. The deployments of business applications, particularly in the retail industry, have served as a key driver of our return to profitable growth we have had historically,” said Kevin Mills, president and CEO of Socket Mobile.

“The market opportunity and positive momentum we are seeing is encouraging as it validates our application driven business model,” added Mills.

However, Mills did warn that the company is continuing to experience “supply chain constraints and inflationary pressure that are impacting us as well as many other companies around the world.”

Socket Mobile's share price has jumped 89.83% premarket to $11.01.

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