GCT Semiconductor Surges 41% After 5G News
GCT Semiconductor shares jumped 40.98% to $2.58 Monday, hitting a 52-week high before slipping to $2.50 after hours. The surge came despite a 2.47% drop in the PHLX Semiconductor Index. GCT reported a 287% year-over-year revenue increase to $1.9 million and signed a reference-platform deal with a major satellite communications provider. The company posted a $9.9 million net loss and warned of going-concern risks.