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Tech Industry

iPass revenue and profits rise

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.