iQSTEL Announces 2020 FY and Q2 Financial Figures

FY Revenues Surpass $16M and Q2 Net Income Exceeds $1.2 Million, a Year-Over-Year Increase of 90% and 362% Respectively

NEW YORK, NY, Aug. 12, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- iQSTEL Inc. (OTC: IQST), a leading-edge 21st Century Enhanced Telecommunications Service Provider, continues with record breaking financials as the 2020 Q2 net income entrenches the company’s growth road-map with $1.2M+ in quarterly net income.

The growth throughout the 1st half of 2020 is a testament to the business and acquisition strategies put in place over the past few years. Combining key local and global agreements, iQSTEL continues to expand with year to date revenues reaching $16.1M, a significant increase from 2019’s year to date $8.4M. The 2020 Q2 net income surpassed 2019’s Q2 figure of ($484k) by 362%.

Mr. Iglesias commented, “Our growth during 2020 has been phenomenal and is attributed to our focus on strong carrier agreements and strategic subsidiary acquisitions. While COVID-19 has significantly impacted the global economy, we have seen our revenues continue to increase as we facilitate connectivity across the telecom marketplace. The re-opening of various global economies has further increased these beyond expectations. Our subsidiaries shine as success stories, even at this early stage, as was seen in our recent release detailing their individual net income.”

Further details will be available in our 10-Q filings expected over next days.

About iQSTEL Inc.:

iQSTEL Inc (OTC: IQST) www.iQSTEL.com is a US-based publicly listed company offering leading-edge 21st Century Enhanced Telecommunications Services with a focus on a wide range of cloud-based enhanced services to the Tier-1 and Tier-2 carriers, corporate, enterprise, as well as the retail market. iQSTEL through its subsidiaries Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, IoT Smart Gas Platform, itsBchain offers a "one-stop-shopping” for international and domestic VoIP services, IP-PBX services, SMS exchange for A2P and P2P, OmniChannel Marketing, Internet of Things (IoT) applications (IoT Smart Gas Platform), 4G & 5G international infrastructure connectivity, as well as blockchain-based platforms: Mobile Number Portability Application (MNPA) and Settlement & Payments Marketplace for VoIP, SMS and Data.