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Tech Industry

Comverse beats 2Q forecasts

    Comverse Technology (Nasdaq: CMVT) topped analyst estimates in the second quarter.

    After market close Tuesday, the provider of communications systems and software reported fiscal second quarter net income of $62.5 million, or 36 cents per share, not including special charges. First Call's survey of 17 analysts predicted a profit of 34 cents per share.

    Shares of Comverse slid to 88 1/2 in afterhours activity on the Island electronic communications network, following the earnings report. Comverse stock fell 7/8 to 89 9/16 in Tuesday's regular trading, prior to the release of quarterly results.

    Including non-recurring charges related to the acquisition of Loronix, Comverse earned $51.7 million, or 50 cents per share.

    Second quarter revenue increased 35 percent year-over-year to $216.8 million. Continued strong demand for wireless systems fueled sales, the company said.>