iQSTEL (IQST) Stock Jumps After Update on Preliminary Revenue Results

iQSTEL (OTCMKTS:IQST) on July 19,2021 announced $15.5 million in revenue for second quarter of 2021, based on preliminary accounting results.  The firm surpassed $5 million revenues in every month of the quarter and the management suggests the company will meet or exceed its 2021 $60.5 million revenue forecast.

The US-based publicly-listed company providing leading-edge Telecommunication, Technology and Fintech Services for Global Markets, has presence in 15 nations. The firm also announced intent to augment price per share of the other shares of A offering targeting price from $0.5 to $2. CEO, Leandro Jose Iglesias said that the aim to surpass the revenue forecast, as its revenue based on preliminary accounting results is around $29.7 million.

He added that historically the firm has grown more in the second half of the year. Iglesias added that of all of its initiatives including MNPA, MAXMO, and IoTSmartTank, are contributing to its revenues with high EBITDA. The company operates in a variety of segments including IOT division, Electric Vehicles, Telecom, Blockchain division amongst others. The firm in January had announced debt reduction by 48% and in February becoming a debt free company. Furthermore, the company announced OTCQB certification, a vital milestone in the overall listing path.

Market Reaction:

As of 11:22, IQST stock gained 1.70% at $0.5650 with more than 390K shares, compared to its average volume of 1.18 million shares. The stock had moved within a range of $0.5425 – 0.6000 after opening the trade at $0.5560. Over the past 52-week, the stock has been trading within a range of $0.0590 – 2.0000.

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