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Monday, September 20, 2021

Clearone Inc. (CLRO) stock surged in Tuesday’s after-market but why?

Clearone Inc. (CLRO) stock surged in the after-hours trading on Tuesday, March 30, 2021. It gained 38.96% in the extended trading session after losing 6.38% in the early session. The stock rallied after the company announced its financial results yesterday.


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Financial result’s announcement

ClearOne (CLRO) reported financial results for the three and twelve-month periods ended December 31, 2020, on March 30, 2021.

Financial highlights

  • CLRO revenue was $8.6 million for Q4, 2020, compared to $6.3 million in Q4 2019 and $8.4 million in Q3 2020.
  • For the fourth quarter of 2020, the gross profit was $3.6 million compared to $3.0 million in Q4 2019 and $3.5 million in Q3 2020.
  • CLRO spent $4.4 million in operating expenses, compared to $5.0 million in Q4 2019 and $4.7 million in Q3 2020.
  • Non-GAAP Operating expenses in Q4 2020 were $3.9 million, compared to $4.6 million in Q4 2019 and $4.2 million in Q3 2020.
  • It had a net income of $5.5 million in Q4 2020 or $0.29 per share, compared to a net loss of $2.0 million, or $0.12 per share, in Q4 2019 and a net loss of $1.3 million, or $0.07 per share, in Q3 2020.
  • Cash, Cash Equivalents, and Investments were $6.7 million as of December 31, 2020, as compared with $8.6 million on December 31, 2019.

Improving the BMA 360 microphone performance

On March 29, 2021, ClearOne announced the Voice Lift technology availability for its BMA 360 microphone. BMA 360 microphone is the most technologically advanced ceiling tile beamforming mic array.

Award and appreciation for ClearOne 2021 product line

ClearOne 2021 product line of professional and consumer webcams and other remote work/learn solutions has been reviewed and appraised by prominent and influencer reviewers such as The Gadgeteer, Laptop Magazine, PC Gamer, SMB Nation, TechRadar, Tom’s Hardware, and 9to5Toys.

The CLRO UNITE 20 Pro camera got the maximum rating from Gadgeteer for offering the best audio and video features for web conferencing for a device at its price point.

ClearOne BMA 360 Beamforming Microphone Ceiling Tile recently received a Sound & Video Contractor magazine 2020 Innovation Product Award.

About the company

ClearOne is a global market leader enabling conferencing, collaboration, and network streaming solutions. The performance and simplicity of its advanced, comprehensive solutions offer unprecedented levels of functionality, reliability, and scalability.

Conclusion:

The better financial results move the stock from a negative to a positive scale on Tuesday. Investors can invest more and CLRO stock can further go up in the next few days.

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