- Associated Press - Thursday, August 12, 2010

NEW YORK (AP) - Spreadtrum Communications Inc., a Chinese maker of chips for mobile devices, said Thursday it posted a second-quarter profit, reversing a loss, as revenue more than tripled.

Net income in the three months to June 30 reached $11.1 million, or 21 cents per American depositary share, reversing a loss of $13.1 million, or 29 cents per ADS, a year earlier.

Revenue jumped to $71.4 million from $16.2 million.

Excluding one-time items, adjusted earnings doubled to 34 cents ADS.

Analysts polled by Thomson Reuters expected 23 cents per ADS of earnings on revenue of $67 million.

Shares jumped 88 cents, or 8.9 percent, to $10.74 in after-hours Nasdaq trading after already rising 16 cents, or 1.7 percent, to close at $9.86 in the regular session.

The Shanghai-based company said it expects third-quarter revenue between $88 million and $96 million, above the $77 million expected by analysts.

CEO Leo Li said that the company’s low-cost solutions with high-quality features were winning fans among new and existing customers.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide