Virtual network operator iPass reported that revenue and profits rose in its third quarter, which ended Sept. 30. Revenue for the Redwood Shores, Calif.-based company were $35 million, a 46 percent increase over the $24 million it saw in the same period a year ago. Income, including a $1 million research and development tax credit, was $4.5 million, or 7 cents a share, up from $2.2 million, or 4 cents per share, in the same period a year ago. iPass had 64.5 million shares outstanding in the third quarter, compared with 52.8 million shares in the same period last year.
The company had $132.4 million in cash, and projected revenue of $37 million to $38 million for the current quarter, which ends Dec. 31. iPass operates 20,000 network access points, more than 2,500 of which are Wi-Fi hot spots.