Leading telecommunications and technology holding with a global presence, iQSTEL Inc (OTCMKTS:IQST) on October 18, 2022, announced a forty-two percent increase in 2022 year-to-date revenue vis-à-vis the same period in 2021. This was based on initial results and is subject to auditor review. The firm’s 2022 YTD revenue is $66.5 million, far higher than the $46.8 million for the same period in 2021.
Trading Data
On Tuesday, IQST stock moved up 1.94% to $0.2575 with more than 279.58K shares, compared to volume of 349.87K shares. The stock moved within a range of $0.2300 – 0.2730 after opening trade at $0.2595.
IQST – iQSTEL YTD Revenue Grows 42% To $66.5 Million On Pace To Beat $90 Million Annual Revenue Forecast
Historically, the fourth quarter has been the strongest for the company. In the third quarter, revenues were $23.5 million and the company only needs to repeat the performance for reaching the annual revenue forecast of $90 million in 2022. iQSTEL’s management is confident on the company is on track for meeting or exceeding the forecast target.
Leandro Iglesias, CEO of iQSTEL said that the firm is excited about the performance, even as it faced challenging economic conditions. The CEO said that the firm believes that the best is still to come.
In the previous week, the firm announced that Chief Financial Officer Alvaro Quintana was interviewed by PubCo Insight. The interview sought responses to tough questions and Quintana did not shy away from the challenge. The CFO elaborated on the firm’s plan to uplisting to Nasdaq. It also confirmed that the firm is on track for exceeding or meeting the revenue forecast.
Key Quote
“We are pleased with the company’s performance, particularly in the face of the current challenging economic conditions,” said Leandro Iglesias, CEO of iQSTEL. “We continue to work here at iQSTEL in the spirit of our firm belief that the best is yet to come.”
Technical Data
IQST stock is trading below the 20-Day and 50-Day Moving averages of $0.26 and $0.31 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.45.
