Openwave Sails Along
Openwave Systems exceeded Wall Street expectations for its second fiscal quarter, posting record earnings of 12 percent.
Net income rose to $8.4 million compared with $1.9 million a year ago. Revenue rose to $104.5 million. The news boosted Openwave shares 7 percent to $19.90.
"Our performance reflects the efficiencies that now exist in the company, and we are optimistic about our ability to capitalize on the opportunities presented by our fast growing market," David Peterschmidt, Openwave's chief executive, said in a statement.
The second-quarter results are an increase of $1.2 million, or 1 percent, from earnings of $103.3 million for the fiscal year's first quarter.
"We are pleased to announce record earnings today which have exceeded the expectations we set for the company," Peterschmidt said.