United States based rugged mobile device, accessory and solutions providing company Sonim Technologies (NASDAQ:SONM) saw its stock record notable gains last week and hence, it is perhaps time for investors to take a closer look.
This past Friday, the stock went up by 5% and ended the previous week with cumulative gains of as much as 11%. There was no news about the company last week but it could be a good idea to take a look at the company’s financial results for the second fiscal quarter that had ended on June 30, 2021. The results had been announced on August 16.
In the second quarter, the company managed to generate revenues of as much as $12 million but it proved to be lower than the $12.2 million that it had recorded in the previous quarter.
However, on the other hand, it is also important to remember that the gross profits at Sonim soared by 8% on a sequential basis and gross margins came in at 22.2%. It should be noted that in the previous quarter the gross margins had stood at 20.1%. Last but certainly not the least, the net losses were reduced to $6.7 million from $9.3 million in the previous quarter.