WOODBURY, N.Y.-Investors cheered as Comverse Technology Inc. announced it reversed its losses to report a positive net income in its first fiscal quarter. The company also raised its forecast for the rest of the year, according to reports.
Comverse’s stock was up more than 7 percent to $18.70 per share after it announced revenues were up 23 percent over the same quarter a year ago to $221 million. The company said it posted a net income of $7 million in the quarter compared with a net loss of $5.8 million in the same quarter a year ago.
“Each of our three major operating units achieved profitability as well as sequential and year-over-year revenue growth in the first quarter,” said Kobi Alexander, the company’s chairman and chief executive officer. “Comverse, our network systems division, saw strength in its products that enable call answering, messaging and other wireless data applications, and real-time prepaid billing.”
