WOODBURY, N.Y.-Wireless technology company Comverse Technology Inc. reported increasing revenues and a positive net income, although investors seemed leery of the company and sent its stock down slightly to $22.31 after the news.
Comverse scored sales of $245 million for its third quarter, up 27 percent from the same quarter last year. The company reversed the net loss of $3.4 million it reported in the third quarter of last year to a positive return of $16 million this year.
“Each of our three major operating units increased its profitability and achieved both sequential and year-over-year revenue growth in the third quarter,” said Kobi Alexander, the company’s chairman and chief executive officer. “Comverse, our network systems division, saw demand for its Total Communication portfolio, which enables a broad range of telecommunications applications, including call answering and call completion services, advanced messaging and other data applications, such as wireless content delivery and real-time prepaid billing.”