Pareteum Corporation (OTCMKTS:TEUM) stock was one of the biggest losers in the previous trading on unusual volume.
On Tuesday, TEUM stock slumped 44% at $0.0500 with more than 47K shares, compared to its average volume of 539k shares. The stock has moved within a range of $0.0500 – 0.0994 after opening the trade at $0.0994. .
Global cloud Communications-Platform-as-a-Service company, Pareteum Corporation (OTCMKTS:TEUM) announced financial results for quarter one of 2021 and gave a business update.
Interim CEO Bart Weijermars said that quarter one of 2021 demonstrates emphasis in 2020 and 2021 on rectifying legacy issues and finishing financial restatements.
Weijermars appreciated the work is not up to speed as per the expectations but only reporting second-quarter 2021 financials remains for the firm to be completely compliant on financial reporting. The CEO added that the firm is anticipating second-quarter results ahead of the September 28, 2021 implementation date of the U.S. Securities and Exchange amendments to Exchange Act Rule 15c2-11 governing quotations for over-the-counter (OTC) securities.
Pareteum further confirmed that though $15.5 million in quarterly revenue is below the expectations, the company’s revenues have surged 244% in the last two years. The company has focused on more profitable customers, improving gross margin as well as smart growth.
In this context, CEO Weijermars said that the operating leverage will be essential as the firm anticipates a return to making investments in business, which has been limited in the last two years.
Pareteum has operations across Europe, Latin America, North America, Europe, the Middle East, and Africa empowering communication service providers, early-stage innovators, developers, Internet-of-Things, and telecommunications infrastructure providers with control to create, deliver and scale innovative communications experiences.
TEUM stock is trading below the 20-Day and 50-Day Moving averages of $0.0694 and $0.1132 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.3294. The stock is down 55% over the past month.