By Stephen Nakrosis
Shares of Akoustis Technologies Inc. are trading higher Monday, after the company reported first-quarter financial results and said quarterly revenue was up nearly 300% year-over-year.
The company also said it added a third mobile customer and expected to have production-ready devices by the end of next year. “This new customer is a leading 4G/5G RF component company focused on Asian handset OEMs,” Akoustis said.
At 11:22 a.m. ET, Akoustis shares were trading 11.17% higher, at $8.36 each. Volume at the time topped 423,000 shares. The stock’s 65-day average volume is 457,777 shares.
Before the opening bell, the company said it had a first-quarter loss of 25 cents a share on revenue of $1.86 million. In the year-ago period, the company reported a loss of 31 cents a share on revenue of $636,000.
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