Openwave (Nasdaq: OPWV) moved up 17 percent Tuesday after a hefty upside earnings surprise. Analysts cheered the results.
Shares in the company, which was created in November from the merger of Phone.com and Software.com, gained 9 to 62.25 early in Tuesday's session. The company is headed by Don Listwin, a former top executive at Cisco Systems.
The Redwood City, Calif.-based provider of Internet-based communication infrastructure software reported second-quarter operating earnings of $15.8 million, or 9 cents a share, excluding charges. The results blew by First Call analysts' consensus predictions of a loss of 3 cents a share. Revenue rose 36 percent sequentially to $109.7 million.
The company was also bullish with its outlook for 2001. Officials said that earnings for the year are expected to be 46 cents a share on revenues of $640 million, above Wall Street expectations.
Analysts across the board were quick to praise the company's performance. Here are a few highlights.
"We believe the company is seeing strong synergies, both from the revenue and expense side, from the Phone.com/Software.com merger, providing scalability and solid opportunities for selling into each other's customer base," the analyst wrote in his research note.