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Tech Industry

Comverse Tech tops estimates

    Comverse Technology topped the consensus earnings estimate in the fourth quarter.

    After market close Tuesday, the vendor of systems for call centers and enhanced telecom services reported fiscal fourth-quarter net income of $76.9 million, or 41 cents per share. Analyst estimates ranged from 38 cents to 48 cents per share, and averaged 39 cents per share, according to earnings tracking firm First Call, which surveyed 20 analysts.

    Shares of Comverse traded at $72.63 in after-hours activity on the Island ECN, immediately following the release of quarterly results. Comverse rose $2.57 to $70 in Tuesday's regular trading ahead of the news.

    Fourth-quarter revenue increased 37.5 percent year-over-year to $346.6 million. First Call consensus predicted fourth-quarter sales of $329.9 million.

    For the full fiscal year, Comverse earned $264 million, or $1.47 per share, on revenue of $1.2 billion.

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