MICT Shares Slip After Missing Q2 Revenue Estimate

MICT Shares Slip After Missing Q2 Revenue Estimate
  • MICT Inc MICT reported second-quarter revenue growth of 38% Q/Q to $12.3 million, missing the analyst estimate of $13.72 million.
  • Gross profit declined to $0.67 million versus $1.9 million in the prior quarter, and the reduction was due to incentives used to attract a critical mass of new brokers/customers.
  • The operating loss expanded to $(16.6) million from $(4.8) million in the prior quarter. Loss per share was $(0.16) for the quarter.
  • As of June 30, 2021, the cash position was ~$114 million.
  • The company's Investment in Micronet was reduced to ~37%, eliminating the requirement to consolidate its results.
  • MICT stock trading app Magpie has reached the final stages of testing and is anticipated to launch in mid-September.
  • Price Action: MICT shares are trading lower by 6.78% at $1.85 on the last check on Monday.

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