Over the course of the past week, the iQSTEL Inc (OTCMKTS:IQST) stock has suffered from a steady selloff and gone down by as much as 4% as a consequence.
Trading Data
On Thursday, IQST stock fell 0.51% to $0.4675 with more than 913k shares, compared to its average volume of 1.01 million shares. The stock has moved within a range of $0.4299 – 0.4900 after opening trade at $0.4850.
Announces $58 Million YTD Revenue and Revises 2022 Revenue Forecast Up 4% To $63 Million
On Thursday, the company was in the news after it made an announcement with regards to the revenues that it had generated in 2020 up until November 30. Up until that date, iQSTEL managed to generate revenues of as much as $58 million. In addition to that, iQSTEL also announced that in the month of November alone, it had managed to bring in revenues of as much as $6.5 million.
However, more importantly, iQSTEL boosted its forecast for the whole year as well. It announced that the revenues for the year are expected to surpass the initial projection of $60.5 million for the year and hence, the projection was upgraded to $63 million.
That was a significant announcement from the company and one that could be seen as a significant positive by investors. In this context, iQSTEL noted that it was pleased with the sort of growth that has been generated by the Telecom Business so far this year. It will be interesting to see if the stock manages to reverse the trend today.
Key Quote
Mr. Iglesias commented, “We are pleased with the ongoing growth of the iQSTEL Telecom Business and with the pending acquisition of Smartbiz, our preliminary revenue forecast for our Telecom Business alone, is $80 million. We anticipate higher margin revenue from our other business lines, IoT, Blockchain Platform, EV Motorcycles, and Fintech to begin ramping up in 2022 contributing to both the top and bottom line. As pleased as we are with the 2021 financial results, we expect financial performance in 2022 to be even better. We expect our consolidated positive net income trend to continue improving quarter to quarter. Management is committed to reaching profitability in the near-term. I will also add that our M&A campaign for 2021 is ongoing. Look for updates.”
Technical Data
IQST stock is trading below the 20-Day and 50-Day Moving averages of $0.49 and $0.47 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.64. The stock is down 6% in the past week.
