SCKT Stock: Why Socket Mobile Shares Are Rocketing Higher Today

Socket Mobile (NASDAQ:SCKT) stock is rocketing higher on Friday thanks to the company’s earnings report for the second quarter of 2021.

Person using a cash register representing SCKT stock.

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The good news for SCKT stock starts today with its diluted earnings per share of 27 cents. That’s a positive change compared to the losses per share of 13 cents from the same time last year. It also easily comes in above Wall Street’s estimate of 3 cents for the quarter.

To go along with that is the company’s revenue of $5.95 million for Q2 2021. This is up 119% from the $2.72 million reported in the same period of the year prior. That’s a boon to SCKT stock with analysts only estimating revenue of $4.07 million for Q2.

Kevin Mills, president and CEO of Socket Mobile, said this about the news sending SCKT stock higher.

“The market opportunity and positive momentum we are seeing is encouraging as it validates our application driven business model. In line with our operating plan, we are investing in both technology and talent, while remaining disciplined on costs, so we can further strengthen our application developer tools to better serve the developer community.”

The positive earnings report today also has SCKT stock experiencing heavy trading. As a result, more than 24 million shares of the stock have changed hands this morning. That’s a massive increase compared to its daily average trading volume of about 175,000 shares.

SCKT stock was up 97.1% as of Friday morning and is up 363.3% since the start of the year.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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