Siyata Mobile, a leading mobile technology company, saw its shares surge by 34% to $4.44 in response to its second-quarter earnings report. The company exceeded analyst expectations with a narrower loss than anticipated.
In the past 12 months, Siyata Mobile's stock has experienced a decline of 95%. However, this latest earnings report suggests potential for a recovery.
For the second quarter, Siyata Mobile reported a loss of $2.3 million, or 3 cents per share. This is in comparison to a loss of $4.3 million, or 29 cents per share, in the same period last year. Analysts polled by FactSet were expecting a loss of $4.1 million, or 4 cents per share.
The company's revenue for the quarter stood at $2.7 million, showing significant growth from the previous year's $970,000. This impressive revenue increase is mainly attributed to the successful sales of Siyata Mobile's SD7 handset.
Moreover, Siyata Mobile witnessed an increase in gross profit dollars, primarily due to the higher gross margin achieved from the sales of SD7 handsets. This improvement stands in contrast to the previous year's performance characterized by fewer sales of low gross margin legacy devices.
Overall, Siyata Mobile's second-quarter results demonstrate a positive trend, potentially positioning the company for future growth and success in the mobile technology market.