RTTNews | Oct 23, 2020 10:08AM EDT

10:08 Friday, October 23, 2020 (RTTNews.com) - Shares of nano-cap company Socket Mobile, Inc. (SCKT) are skyrocketing after the maker of barcode scanners reported a huge growth in profit for the third quarter.

SCKT is currently trading at $3.80, up $2.34 or 160.274%, on the Nasdaq.

Third-quarter profit rose to $424 thousand or $0.06 per share from $94 thousand or $0.01 per share last year. However, the company's results aren't complete and are subject to goodwill impairment.

"I need to point out the Q3's net income may be impacted by adjustment to our goodwill, which is currently under review. Unfortunately, this annual review was not started in time and therefore, could not be completed before today's announcement. We will report the results in the Form 10-Q that will be filed on or around November 13th," Mills said.

Revenues for the third quarter dropped 17% to $4.1 million from $5.0 million last year. Nevertheless, compared to previous quarter revenues increased 51%.

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