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Headphone maker Koss Corp., whose heavily shorted stock has been among those skyrocketing in recent weeks amid support from investors on Reddit’s WallStreetBets message board, swung to a second-quarter profit thanks to higher sales.
Shares of Koss rallied more than 45% in the extended session Thursday, after closing down 28% at $41.26. The turnaround came as online trading app Robinhood said late Thursday it will allow “limited buys” of Koss and other securities that have shot higher amid the WallStreetBets push, partly reversing course from an earlier action.
Koss KOSS, -27.66% said late Thursday it earned $509 million, or 7 cents a share, in the quarter, contrasting with a net loss of $216,000, or 3 cents a share, for the second quarter last year.
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Sales rose 18% to $4.2 billion, thanks to continued demand from those working or studying from home during the pandemic, the company said. U.S. and European distributors as well as U.S. online sales led the way, it said.
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No analysts surveyed by FactSet cover Koss, which is based in Milwaukee.
