Why Is UTStarcom (UTSI) Stock Moving Higher Again Today?

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.

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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.

Richard McEntire

Finance and Entertainment Reporter Richard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.