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Thursday, May 19, 2022

Sonim Technologies, Inc. (SONM) Stock Dipped in Premarket Trading Under Correction

Sonim Technologies, Inc. (SONM) is a leader in providing ultra-rugged mobile phones intended for task employees engaged physically in their mission-critical positions. The company sells its solutions to wireless carriers including AT&T, T-Mobile, and Verizon. The company had already entered the ruggedized barcode scanner industry.


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SONM stock price during the regular trading of March 17, 2022, jumped by 14.7% to be $1.40. Its price dipped at the time of writing in the premarket session of March 18, 2022, by 10%.

SONM: Events and Happenings

On March 15, 2022, SONM reported that its ultra-rugged XP8 mobile phone had joined with the Microsoft Teams app’s Walkie Talkie with a push-to-talk button. The PTT button delivered a secure solution for frontline employee collaborations.

On March 10, 2022, SONM updated on XP3plus flip phone availability at TELUS stores across Canada along with its website. XP3plus delivered an enhanced performance for people working in challenging environments for faster and more reliable voice communication.

On March 9, 2022, SONM stated that the XP3plus flip phone’s unlocked versions are globally available. On February 17, 2022, SONM and AdvanceTec Industries reported teaming up for the inauguration of a wide platform of US-made products, including handsfree, headsets, multi-bay and battery chargers, and remote speaker mics.

SONM: Key Financials

On November 10, 2021, SONM delivered its unaudited financial report for the third quarter of the fiscal year 2021 ended September 30, 2021. Some of the main features are discussed below.

Revenue

Net revenue in the third quarter of 2021 was $14.4 million compared to $14.3 million in the same quarter of 2020. The company’s net revenues leaped by $52 thousand YoY and it missed the revenue expectations by $1.6 million.

EPS

Per-share basic and diluted net loss in 2021 Q3 was $10.9 million or $1.31 as compared to $6.46 million or $0.98 in Q3 2020. Its earnings declined noticeably YoY and the EPS estimations missed the target by -$0.66.

Conclusion

SONM stock performed well in the year-to-date period as it touched a new high of 37% in this span. The company recently reported joining the Microsoft Teams app with the PTT button. It soared in yesterday’s regular trading and in the current premarket it lost momentum as the stock is under correction.

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