iQSTEL Inc. (OTC:IQST) Stock Rallying 40% In a Month: Here is Why

There have been a number of stocks that have managed to make strong moves over the course of the past month, and one of those is iQSTEL Inc. (OTC:IQST). During the period, the stock moved strongly and made up gains of as much as 40% amidst heavy interest. In light of such gains, it may be a good time for investors to consider taking a closer look at the company and the stock.

On July 12, the company announced its financial results for the second fiscal quarter, and it managed to surpass expectations. On the basis of the preliminary accounting conducted by the company, iQSTEL managed to generate $32.5 million in revenues in the second quarter, compared to $24.6 million in the previous one. That reflected a sequential rise of 32%.

The Chief Executive Officer of the company, Leandro Iglesias, spoke about the performance as well. He noted that the second-quarter revenue figures indicated that the company was on course to surpass the annual revenue projection of $120 million. He noted that historically, iQSTEL generated higher revenues in the second half of the year.

The company was launched in 2018 and, in its very first year, generated revenues of $13.78 million. In 2023, Iglesias asserted, the company could generate tenfold that amount in revenues. The organic growth that had been generated by the company exceeded the expectations of the management. Additionally, he noted that the company had continued to unearth considerable merger and acquisition possibilities. 2023 is on track to be the best year in the company’s lifetime so far, as per the CEO, who went on to add that the management believed that the year was all set to be a transformational one.

The enhanced telecom and technology company announced on July 5 the launch of its very first artificial intelligence-powered Metaverse application. The company noted that the application had been made available for desktop users and also on the Apple App Store for iPhone and iPad. It was also made available on Google Play for use on Android devices.

The product had been launched under the name iQSTEL Metaverse and had been manufactured by the company’s Enhanced Metaverse AI Division and Reality Division. Iglesias spoke about the development at the time. He noted that Artificial Intelligence and Metaverse technologies would both change the internet as people know it by 2030.

He stated that he held three decades of experience in the technology and telecom sectors and noted that he comprehended how artificial intelligence and the metaverse would transform the internet in just a few years. He went on to add that with the launch of the app, iQSTEL had positioned itself as one of the leaders in the artificial intelligence and metaverse spaces.

As per a study from Statista, the Metaverse space is expected to grow from its current size of $65 billion to more than $900 billion by 2030. The launch of the app could have been the start of a new era at iQSTEL.