Socket Mobile (SCKT) Reports Q3 EPS of $0.06

Socket Mobile (NASDAQ: SCKT) reported Q3 EPS of $0.06, versus $0.01 reported last year. Revenue for the quarter came in at $4.1 million versus the consensus estimate of $4.19 million.

"We were pleased to report revenue growth in Q3. We believe our Q3 results demonstrated our ability to adjust quickly to the extreme economic challenges posed by the COVID-19 pandemic and resulting uncertainties. We offset our lower revenues by proactive cost reductions, delays in non-critical discretionary spending and capital expenditures while maintaining critical longer-term projects. We also developed and implemented strategies to strengthen our balance sheet, including raising additional capital through debt financing. These actions allowed us to navigate the last two quarters well – returning to profitability in Q3, after experiencing abrupt and dramatic declines in economic and business activity in Q2," said Kevin Mills, president and chief executive officer.

"The future will remain uncertain until the global pandemic is under much better control. Our Q3 results, coupled with our stronger balance sheet, have put us in a good position to withstand the uncertainty and rapidly changing economic situation. We will continue to serve our many application centric customers, who continue to service their customers with our products in these difficult times. We will continue to manage our expenses tightly while limiting our investment to long term strategically important projects. We would like to thank our employees for their continued commitment and hard work and thank our business partners for their support. We look forward to a stronger 2021," Mills continued.

"I need to point out the Q3's net income* may be impacted by adjustment to our goodwill, which is currently under review. Unfortunately, this annual review was not started in time and therefore, could not be completed before today's announcement. We will report the results in the Form 10-Q that will be filed on or around November 13th," Mills concluded.

For earnings history and earnings-related data on Socket Mobile (SCKT) click here.

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