Overview

* Socket Mobile ( SCKT ) Q3 revenue falls 20% yr/yr to $3.1 mln

* Net loss for Q3 increases to $1.198 mln from $1.115 mln last year

* Operating expenses reduced by 13% compared to Q3 last year

Outlook

* Socket Mobile ( SCKT ) remains committed to investing in new and existing products

Result Drivers

* DISTRIBUTOR BOOKINGS - Slower distributor bookings and reduced channel inventory led to lower revenue, per CEO Kevin Mills

* COST SAVINGS - Management implemented cost-saving measures, reducing operating expenses by 13% yr/yr

* STEADY SALES-OUT - Sales-out to end users held steady compared to Q2, indicating potential future inventory replenishment

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $3.10

Revenue mln

Q3 Net -$1.19

Income mln

Q3 $2.53

Operatin mln

g

Expenses

Q3 -$1.05

Operatin mln

g Income

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)