Summit Wireless Technologies Inc. (WISA) stock prices were down by 5.05% shortly after market trading commenced on October 12th, 2021. This brought the price per share down to USD$2.63 early on in the trading day.
Promising Financial Report
October 12th, 2021 saw WISA stock announce preliminary revenues for the third quarter of fiscal 2021 in the amount of USD$1.8 million. This is comparable to the USD$1.8 million reported for the prior year quarter by the leading provider of immersive, wireless sound technology for intelligent devices and next-gen home entertainment systems. The year over year difference represents an increase of roughly 200% from the third quarter of fiscal 2020. The yearly increase was largely driven by rising consumer engagement, which drove the growth in revenue.
WISA Wave Marketing Initiative
The WISA Wave Marketing initiative has been expanded to include the company’s foundational direct to customer programs. The initiative will also include WISA stock’s new virtual WISA storefronts and joint marketing with retailers. This development will leverage the company’s consumer data analytics to drive holiday sales. WiSA Association website visitor traction has continued its upward trajectory, going on to surpass 12 million in the first nine months of the fiscal 2021 year. The company’s promising progress and strong forecasts for the holiday season have resulted in the company being confident in 2021 being a breakout year.
About WISA Stock
WISA stock is a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems. The company has collaborated with leading CE brands and manufacturers in continued efforts to deliver seamless, dynamic audio experiences for high definition content. This content includes, but is not limited to, movies and video, music, sports, gaming/esports, and more. The company is a founding member of WiSA, which is the Wireless Speaker and Audio Association. It works in a joint partnership to facilitate the most reliable interoperability standard across the audio industry. The company is headquartered in San Jose, CA, with sales teams spread out across Taiwan, China, Japan, and Korea.
Future Outlook for WISA Stock
The company reported a promising quarter, consolidated by the strength of its financial reports for the third quarter of fiscal 2021. WISA stock is poised to capitalize on the opportunities afforded to it as a result of the momentum it has generated throughout the year so far. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.