Socket Mobile Stock Jumps After Q2 Earnings Beat

July 23, 2021 7:42 AM | 1 min read

Socket Mobile Inc SCKT reported second-quarter FY21 revenue growth of 119% year-on-year to $5.95 million, beating the consensus of $4.07 million.
Deployments of business applications in the retail industry drove the revenue.
The gross margin expanded 460 basis points to 54.7% from higher revenues and absorption of fixed manufacturing overhead. The operating margin was 13.7%.
The net income was $2.6 million, translating to an EPS of $0.27, significantly above the consensus of $0.03.
It held $4.9 million in cash and equivalents.
Price action: SCKT shares traded higher by 75.9% at $10.20 in the premarket session on the last check Friday.