QuickLogic's Stock Surges After Profitable Fourth Quarter
QuickLogic experienced a significant boost in its stock value on Wednesday as the semiconductor company reported a profitable fourth quarter and secured a substantial contract. The shares soared by 25% to $15.19 during midday trading, marking its highest intraday level since February 2019. Over the past month, the stock has surged by approximately 39%.
Financial Performance and Revenue Growth
Based in San Jose, California, QuickLogic disclosed that it achieved a profit of $2.04 million, equivalent to 14 cents per share, for the quarter concluded on December 31. This marks a significant improvement from the loss of $1.23 million (9 cents per share) reported during the same period the previous year. Furthermore, the company's revenue witnessed a robust increase of 83% from the prior year and 12% sequentially, totaling $7.5 million.
Strategic Outlook and Expansion Plans
Brian Faith, the Chief Executive Officer of QuickLogic, expressed optimism about the company's future prospects. He highlighted their strategy to expand the customer base and penetrate new end markets in 2024, which is expected to drive sustained growth and profitability.
Major Contract Announcement
In a significant development for QuickLogic, the company confirmed on Wednesday morning that it had secured a contract with a prominent entity in the Defense Industrial Base sector. The Intellectual Property (IP) delivery is scheduled for fiscal year 2024.
For further inquiries, please contact QuickLogic at officialwebsite.com.
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