iQSTEL, Inc.’s (OTCQX: IQST) Acquisition Of Telecom Operators Whisl And Smartbiz Last Spring Are Key To New Sales And Profit Growth In US And Latin America With Voice/SMS Services; Expands Company’s Telecom Presence In America As IQST Celebrates 25% Jump In Telecom Division’s Unaudited $16.4 Million Revenue YTD Through February 28, 2023
iQSTEL, Inc.’s (OTCQX: IQST) acquisition of telecom operators Whisl and Smartbiz last Spring are key to new sales and profit growth in the US and Latin America with Voice/SMS Services. The acquisitions marked IQST’s telecom entry in America. IQST celebrates a 25% jump in its Telecom Division’s unaudited $16.4 million revenue YTD through February 28, 2023. The revenue compares to $13.1 million for same period in 2022, IQST reports. The acquired Whisl and Smartbiz telecom operators complement the Company’s telecom portfolio already in place: Etelix, SwisslLink, QGlobal and IoT Labs. The acquisitions enable additional cross-selling opportunities, serving an expanded customer base and telecom entry into the US market.
Stock Market Press is reporting on the fast growing 5G telecommunications market by keeping readers up-to-date on such company stocks as iQSTEL Inc. (OTC: IQST),Verizon (NYSE: VZ), AT&T Inc. (NYSE: T), T-Mobile US (NASDAQ: TMUS), Sprint (NYSE: S), Ericsson (NASDAQ: ERIC) in 5G networks. Also covered are trends by semiconductor manufacturers Qualcomm (NASDAQ: QCOM), Qorvo (NASDAQ: QRVO) and Skyworks Solutions (NASDAQ: SWKS), among others.
iQSTEL, Inc. (OTCQX: IQST), by strengthening its core telecom business and expanding into the US market, sets the stage for reaching its 2023 fiscal goal of reaching $105 million in annual revenue in 2023 organically and meeting its target of positive consolidated operating income for the entire PubCo. this year.
Leandro Iglesias, CEO of IQSTEL, says the Company’s performance is ‘on track’ to meet both those revenue and profit forecasts. At the time of the acquisitions of Whisl and Smartbiz, he said they would contribute together the Company’s entry into new telecom markets — such as the US — and also generate for IQST both additional revenue and bottom line performance. Together, at the time they were bought, the two companies combined had revenues of $11.6 million and $1.34 million in annual net income, Iglesias said.
IQST now also says that considering the Company’s revenue stream is historically higher in the second half of the year, management is confident the 2023 YTD performance thus far through February 28, 2023 is ‘on track’ to reach the company’s $105 million annual revenue forecast organically for this year. This is before the benefit of sales from any new lines of business and before the benefit of any anticipated contribution from acquisitions.
IQST said it acquired 51% control of Whisl Telecom for $1.25 million in cash plus $550,000 in IQST restricted common shares, with a holding period of six months. For 51% of Smartbiz, IQST paid $800,000 in cash and $1 million in six months restricted IQST restricted stock.
Leandro Iglesias, CEO of IQST, now says, “IQSTEL continues into 2023 to realize steady and exceptional growth. After reaching $93 million in revenue in FY 2022, we are already realizing 25% growth YTD through February 28 this year compared to the same period in 2022.”
iQSTEL, Inc. (OTCQX: IQST) has been aggressive in expanding its Telecom, IoT and Fintech Divisions as it acquires new subsidiaries and consolidates businesses and grows its international exposure and share in the international marketplace. Expanding its global footprint on numerous technical fronts, means iQSTEL, Inc. (OTCQX: IQST) is gaining share in several businesses simultaneously.
Source: Stock Market Press
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