NEW YORK - iQSTEL Inc. (OTC-QX: IQST), a multinational tech firm, has announced a significant increase in its revenue for the year ending 2023. According to preliminary accounting data, the company's revenue grew by 50% from the previous year, reaching $140 million. This growth translated into a revenue per share (RPS) of $0.81, compared to $0.57 per share in 2022.
The company also reported an increase in gross margin in the fourth quarter of 2023, following a positive operating income reported ahead of schedule in the third quarter. With these developments, management anticipates a continued rapid growth in both revenue and margins throughout 2024.
In preparation for its annual shareholder meeting, iQSTEL has filed a Definitive Proxy Statement. The meeting is set to take place on January 31, 2023. Further news is expected in the lead-up to this event.
iQSTEL operates through four business divisions: Telecommunications, Fintech, Electric Vehicles (EV), and an Artificial Intelligence (AI)-Enhanced Metaverse. The company has achieved growth organically and through strategic acquisitions, with 10 acquisitions completed since June 2018.
The company’s telecommunications division includes a range of services such as VoIP, SMS, and international fiber-optic communications, as well as proprietary Internet of Things (IoT) and mobile portability blockchain platforms. The fintech division offers services like remittance and top-up services, a MasterCard debit card, and a mobile application that does not require a social security number for a US bank account. Lastly, the AI-Enhanced Metaverse division offers a white label metaverse platform for virtual 3D interaction with products, services, and content.
This announcement is based on a press release statement and reflects the company's performance and strategic plans as of the end of 2023.
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