On Tuesday, the UTStarcom Holdings Corp (NASDAQ: UTSI) stock managed to clock gains of 9% despite there being no news about the company. However, the rally has continued in the stock this morning during premarket trading as well and the stock has rallied by 14% so far without any news.
In this situation, it might be worthwhile for investors to perhaps take a look at the company’s financial results for the full year 2020 that were released last month. The company, which operates all over the world as a telecom infrastructure provider, announced the results on March 25.
The Chinese firm managed to generate revenues of $24.3 million for the full year, which reflected a significant drop off as low as 63% year on year. On the other hand, the gross profit generated for the year stood at $3.5 million, which was 85.4% lower than the gross profits generated by the company in 2019.
Finance and Entertainment Reporter
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