PHUN - Phunware gains 6% as its swings to profit despite lower revenue

Phunware (NASDAQ:PHUN) is 5.6% higher after hours following a Q3 earnings report where it swung to a profit even as revenues slipped, thanks to some lower expenses and a gain from forgiveness of its PPP loan. Net revenues fell to $2.16 million from a year-ago $3.13 million, though organic growth from last quarter was 50%. That's an indication that "we are now reaping the benefits of our direct and indirect go-to-market strategies for our MaaS (Multiscreen-as-a-Service) enterprise cloud platform for mobile,” says CEO Alan Knitowski. MaaS platform subscriptions and services revenues were $1.8 million. Meanwhile, gross profit also declined - to $1.13 million from a prior-year $2.23 million - but with lower operating expenses, operating loss was nearly halved to $4.04 million. And the company swung to a net profit of $372,000 from a year-ago loss of $8.6 million. Cash on the balance sheet is down to $882,000, from $3.94

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Phunware gains 6% as its swings to profit despite lower revenue