NEW YORK – China's Spreadtrum Communications Inc., which makes chips for wireless phones, posted a first-quarter profit Monday, reversing a loss a year earlier as revenue grew more than six-fold.
The company earned $6.6 million, or 13 cents per American Depositary share, compared with a loss of $8.3 million, or 19 cents per share, in the same period a year earlier.
Adjusted earnings were $8.7 million, or 17 cents per share, in the latest quarter.
Revenue jumped to $52.1 million, surpassing the company's forecast of $40 million to $43 million. Year-ago revenue was $8 faxless cash advance.2 million.
The company said improvements to product quality and customer service helped it gain market share during the quarter.
For the second quarter, Spreadtrum is forecasting revenue of $65 million to $68 million.
The company's American Depositary shares rose $1.35, or 16.5 percent, to $9.53 in after-hours trading after closing down 10 cents at $8.18. The stock hit a 52-week high of $8.47 earlier in the day.
