Socket Mobile: Surges on jump in Q3 profit

Socket Mobile

22/10/2020 22:40

** Shares of data capture products maker  SCKT.O  surge
nearly 88% to $2.74 after the bell
    ** Co posts Q3 net income of $424,000, compared to $94,000
in the year-ago quarter  urn:newsml:reuters.com:*:nPn5Fg8Mla
    ** However, CEO Kevin Mills warns net income may be impacted
by adjustment to goodwill which is currently under review
    ** Q3 revenue falls 17% to $4.1 mln 
    ** Cost reductions, raising additional capital through debt
financing, helped SCKT return to profitability in Q3 after
abrupt and dramatic declines in Q2- CEO
    ** YTD, stock has fallen 9%

 (Reporting by Shreyasee Raj in Bengaluru)
 ((Shreyasee.Raj@thomsonreuters.com;))