Why did Support.com Inc. (SPRT) stocks face headwinds on Monday?

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Shares of Support.com Inc. (SPRT) gained 0.28% after hours on Monday, June 21, 2021 and closed the day at $ 3.53 per share. Earlier in the morning session, SPRT stock fell 12.44% to close the session at $ 3.52 per share. SPRT shares have risen 137.84% in the past 12 months and are down 17.56% last week. In the past three months the stock has lost 50.42%, while in the past six months it has fallen 68.42%. In addition, the company has a current market of $ 86.35 million and its outstanding shares were $ 20.20 million.

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New on-demand Fintech and cryptocurrency customer support

June 3, 2021, Support.com, Inc ad new reliable, on-demand 24/7 customer support for emerging fintech leaders, cryptocurrency and NFT platforms, exchanges and wallet OEMs.

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The new service will resolve customer and technical support issues and provide training on cryptocurrency and financial services.

Recent financial results announcement

May 13, 2021, Support.com, Inc published its unaudited financial results for its first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights

  • com reported sales of $ 9.6 million in the first quarter of 2021, compared to sales of $ 11.9 million in the first quarter of 2020.
  • The company suffered a net loss of $ 2.0 million, or $ 0.10 per share, in the first quarter of 2021, compared to net income of $ 0.3 million, or $ 0.02 per share. , in the first quarter of 2020.
  • Gross margin was $ 3.5 million with a gross profit margin of 37% in the first quarter of 2021, compared to a gross margin of $ 4.2 million and a gross margin of 35% in the first quarter of 2020.
  • For the first quarter of 2021, operating expenses were $ 5.6 million, compared to $ 3.9 million in the first quarter of 2020.
  • The company had cash, cash equivalents and short-term investments of $ 39.0 million as at March 31, 2021, compared to $ 28.4 million as at March 31, 2020 and $ 30.0 million as at March 31, 2020. December 2020.

Support.com facing legal action over its merger deal

Support.com faces several lawsuits and class actions filed by numerous reputable law firms against the merger of support.com and Greenidge Generation Holdings Inc.

On March 22, 2021, Support.com and Greenidge Generation Holdings Inc. Between in an agreement in which Support.com was acquired by Greenidge as part of a merger transaction.

Fourth Quarter and Fiscal 2020 Financial Results Announcement

March 30, 2021, Support.com, Inc published its unaudited financial results for its fourth quarter and fiscal year ended December 31, 2020.

Q4 2020 financial highlights

  • com reported revenue of $ 10.5 million in the fourth quarter of 2020, compared to $ 13.3 million in the fourth quarter of 2019.
  • The company reported breakeven net income in the fourth quarter of 2020, compared to net income of $ 0.2 million, or $ 0.01 per share, in the fourth quarter of 2019.
  • For the fourth quarter of 2020, operating expenses were $ 3.9 million, compared to $ 3.7 million in the fourth quarter of 2019.

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Conclusion

There is no recent news to justify his negative departure on Monday and a later minor revival of the SPRT outside of office hours. The company faces legal issues related to its merger, which could be the reason for its mixed performance on Monday.

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