MICT - Micronet Enertec jumps 4% after Q1 revenue was backed by insurance division

Micronet Enertec ([[MICT]] +4.1%) reports Q1 revenue of $8.94M vs. $0 a year ago, beats consensus by $5.51M.The revenue increase was attributable to the insurance division, which was launched in late December, launch of insurance platform, generated $8.2M in revenue in the first three months of operation.Operating loss in was $4.8M vs. a loss of $0.8M in the same quarter prior year.Net loss was $4.5M vs. a loss of $1.6M in the year-ago period.Non-GAAP EPS of -$0.04; GAAP EPS of -$0.05 in-line.The company acquired a nationwide license in China to offer broad range of insurance brokerage products and services through the acquisition of Beijing Fucheng, a Chinese insurance brokerage firm and its trading subsidiary.The company has a Very Bearish rating Quant Rating vs a very Bullish Wall St. rating.Previously: Micronet Enertec EPS in-line, beats on revenue (May 24)

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Micronet Enertec jumps 4% after Q1 revenue was backed by insurance division