The Netlist Inc (OTCMKTS:NLST) stock had been in the middle of a strong rally not too long ago but the trend reversed yesterday as the stock suffered from a selloff and declined by as much as 10%.
While the price action in the stock is possibly going to be intriguing for many investors, it is necessary to keep in mind that there has been no news about the company for more than a month. Hence, it might be a good idea to take a look at the company’s financial results for the second fiscal quarter that was announced back on August 3.
In the quarter that ended on July 3, 2021, Netlist managed to bring in revenues of as much as $64.4 million. Out of that, $40 million was generated by way of licensing fees and the rest $24.4 million was product revenue.
The total revenues reflected a year on year rise of a staggering 123% and a sequential rise of 64%. Hence, it goes without saying that Netlist delivered strong growth numbers in the second quarter. The net income for the quarter came in at $27.8 million and that was a significant turnaround for Netlist from the net loss of $1.8 million in the prior year period.