CoroWare Inc (OTCMKTS:COWI) Shares Down 2% Despite Strong Earnings Results

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CoroWare Inc (OTCMKTS:COWI) shares were 2% lower to $0.00010 on Friday and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $1.15 million at 11.94 billion shares outstanding.

CoroWare Inc is  a holding company whose principal subsidiary, CoroWare Technologies, Inc. is focused on delivering consulting services and business productivity solutions. Its subsidiary, CoroWare Robotics Solutions, Inc., focuses on the mobile robotics and Internet of Things marketplaces. Through this, the company  delivers custom engineering services, hardware and software products including CoroBot Classic and CoroBot Spark.

CoroBot Classic focuses on managing the complexity of robot development, allowing users  to deploy and develop robotic solutions by combining a PC-cross platform with an object-oriented software development system. CoroBot Spark is an open mobile robotics platform that is based on the Raspberry Pi 2 Model B embedded computer and the CoroBot Pi Hat embedded controller card, and will support the development of mobile applications that run on both Linux and Windows 10 operating systems.

In its latest earnings release, CoroWare Inc posted revenues of $1,971,901 for the three month period ended June 30, 2016. This is higher than the $1,355,239 for the same period a year ago, representing a 45.5% gain. Gross profit was up 35.6% to $386,868 for the quarter compared to $285,232 for the same period a year ago.

Even though we are pleased with what we have accomplished to date this year, we know we have our work cut out for us. Our management team remains focused on three key facets that drive our business: providing our customers with end-to-end solutions to enhance the value of their business, building OEM and marketing partner relationships, and growing profitability,” said CoroWare Inc CEO Lloyd Spencer.

He added that the company is taking a long-term approach to  staying ahead of the curve in the dynamic technology sectors. With that, they are accelerating their sales efforts and acquiring new talent to complement their current competencies.

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