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Here’s Why ClearOne (CLRO) Rose Wednesday

Wednesday, March 31, 2021 02:32 PM | Slav Kandyba

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Here’s Why ClearOne (CLRO) Rose Wednesday

ClearOne Inc. (CLRO) stock posted an 11.36% gain, adding $0.35 to to $3.43 per share Wednesday following the release of fourth quarter 2020 financial results.

Why Did ClearOne (CLRO) Stock Increase?

ClearOne (CLRO) stock gained value as the audio and visual communication solutions provider reported positive financial results, driven in part by a $7.1 million one-time income tax refund made possible by the CARES Act. 

The company reported net income of $5.5 million in Q4 2020, or $0.29 per share, which compared favorably to Q4 2019, when the company registered a net loss of $2 million, or $0.12 per share. The positive income was attributed to a combination of factors, including an income tax refund generated due to a net operating losses, an increase in gross profit, and a decrease in operating costs.  

ClearOne’s revenues were $8.6 million in Q4 2020 compared to $6.3 million in Q4 2019. Gross profit in Q4 2020 was $3.6 million, compared to $3 million in Q4 2019.

"During the fourth quarter, we introduced our ClearOne Aura, a suite of pre-packaged professional audio and video home office solutions for remote working professionals to meet market needs,” said Zee Hakimoglu, ClearOne’s president and CEO. “Also during the quarter, we upgraded our Convergence AV Network Manager Software which provides real-time, at-a-glance monitoring and control of ClearOne Professional AV products to support our new, technologically disruptive Ceiling Tile Beamforming Microphone Array, the BMA 360."

Short-Term Technical Rank - 72

CLRO has a Short-Term Technical Rank of 72. Find out what this means to you and get the rest of the rankings on CLRO!

ClearOne Inc is a communications solutions company, which is engaged in designing, developing, and selling conferencing, collaboration, streaming, and digital signage solutions for audio, video, and visual communication. The company's end users range from companies and institutions to small and medium-sized businesses, higher education and government organizations, as well as individual consumers. It sells its commercial products to end users primarily through a network of independent distributors, who in turn sells its products to dealers, systems integrators and other resellers. Its products include professional audio, network media streaming and professional microphones. Geographically the firm has its business presence across the US and international market.

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