iQSTEL Announces $5 Million Q1 Revenues, Targets Over $9 Million for Q2

NEW YORK, NY, May 07, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- iQSTEL Inc. (OTC: IQST) is pleased to report strong first-quarter revenues of $4,980,151, an increase of 20% over 2019’s first-quarter. These figures do not include revenues from QGlobal SMS; they will be booked in the second-quarter. 

iQSTEL record setting growth continues for 2020. The completion of the QGlobal SMS subsidiary formation and recent acquisition have Q2 projections set to surpass $9 million in revenues. QGlobal SMS revenue, on a yearly basis is estimated at $30 million.

The global mobile VoIP market is estimated to surpass $140 billion by 2024 according to a recent report by Grand View Research, Inc. SMS marketing market size continues to grow as another report by Grand View Research projects 20% CAGR through 2025 for the US alone as companies switch from traditional marketing methods, reducing costs and increasing ROIs.

Mr. Iglesias commented: “Our team at iQSTEL and subsidiaries bring record results again. While the COVID-19 near-global-closure has affected many companies’ ability to operate, we continue to surpass expectations.  Our business has stayed very strong through the COVID-19 pandemic as many businesses have expanded their work-from-home strategy, thus boosting intra-company telco services.  Even though our main clients are carriers, the bulk of the underlying business is corporate.  We expect this trend to continue in the coming months and even becoming part of the “new normal” we’ll be seeing as the economy adapts going forward.”

“QGlobal’s business revenue diversification of 60% SMS and 40% VoIP is proving to be a successful model with more than 98% of our SMS revenue coming from pre-paid customers,” concluded Mr. Iglesias, iQSTEL’s CEO.

About iQSTEL Inc.:

iQSTEL Inc. (OTC: IQST) www.iQSTEL.com  is a Publicly Listed Company in US. iQSTEL is a leading-edge 21st Century Enhanced Telecommunications Service Provider offering a wide range of cloud-based enhanced services to the Tier-1 and Tier-2 carriers, enterprise market, as well as the retail market. iQSTEL through its subsidiaries (www.etelix.com ; www.SwissLink-Carrier.com ; www.QglobalSMS.com ; www.itsBchain.com) offers a “one-stop-shop” for international and domestic VoIP services, SMS exchange for A2P and P2P, Internet of Things (IoT) applications, 4G & 5G international infrastructure connectivity, as well as blockchain-based payment and phone number mobility platforms to international and domestic Tier-1 carrier for VoIP, SMS, and Data.