Comverse Technology (Nasdaq: CMVT) earned more than analysts expected in the first quarter.
After market close Wednesday, the provider of communications and multimedia systems reported first quarter net income of $56.4 million, or 33 cents per share. First Call's survey of 17 analysts predicted a profit of 31 cents per share for the quarter ended April 30.
First quarter revenue increased 30 percent year-over-year to $261.3 million. Wireless network operators continued to generated the majority of Comverse's sales.
Shares of Comverse slid to 89 1/2 in afterhours activity on the Island electronic communications network, immediately following the earnings release. The stock closed Wednesday's regular trading at 91 3/8, up 1 11/16 for the session.
Competitors of Comverse include Lucent Technologies (NYSE: LU), Nortel Networks (NYSE: NT) and NICE Systems (Nasdaq: NICE), according to Hoovers Online.>