Socket Mobile Reports Fourth Quarter 2022 and Full Year Results

About this update from Socket Mobile, Inc.

[{"type":"text","content":"FREMONT, Calif., Feb. 22, 2023 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced workplace productivity, today reported financial results that are determined in accordance with generally accepted accounting principles in the United States (\"GAAP\") for the three and twelve months ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2022 Financial Highlights: \nRevenue of $5.2 million, a 15% decrease compared to $6.1 million in the comparable prior year quarter and a 39% increase sequentially compared to $3.7 million in Q3 2022.Gross margin of 49.3% compared with 52.1% in the prior year quarter and 44.4% in the preceding quarter.Operating loss was $152,000 compared to an operating income of $0.7 million a year ago and an operating loss of $947,000 in the preceding quarter.Diluted earnings per share of $0.06, which included $0.08 per share income tax benefit primarily related to the adoption of Section 174 of the Tax Cuts and Jobs Act of 2017, compared to diluted earnings per share of $0.11 a year ago and a net loss per share of ($0.11) in the prior quarter.Full Year 2022 Financial Highlights:\nRevenue for the full year of 2022 was $21.2 million versus $23.2 million in 2021, a decrease of 8% year-over-year.Gross margin for 2022 was 48.8% compared to 53.6% in 2021.Operating loss was $446,000 compared to operating income of $2.7 million in 2021.Diluted earnings per share of $0.01, which included a $0.09 per shares income tax benefit primarily related to the adoption of Section 174 of the Tax Cuts and Jobs Act of 2017, compared to diluted earnings per share of $0.48 in the prior year, which included a $0.21 per share income tax benefit.\"In 2022, we made significant progress in building the foundation we need to ensure long-term growth in the data capture market. We added the C820, a camera-based scanning software to our product portfolio. The C820 enables our App partners to provide their end users with free scanning support from day one and provides a mechanism to support their end users with high-level data capture requirements to seamlessly upgrade to the appropriate data capture solutions,\" said Kevin Mills, President, and Chief Executive Officer.\n\"We also launched the S550, NFC Mobile Wallet Reader and the S370, a universal NFC & QR Code M...

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