Starent gains 20% on better-than-expected Q2 earnings; revenues jump 98%
Starent Networks Corp. (Nasdaq:STAR) has risen more than 20% in today’s trading after the infrastructure hardware and software provider posted better-than-expected second-quarter earnings. For the quarter ended June 30, net income was $13.8 million, or $0.19 per share, compared to net income of $3.4 million, or $0.03 per share, for the same quarter a year ago. Revenues were $61.2 million, up 98% from a year ago, the Tewksbury, Mass.-based company said after Tuesday’s close. Analysts were expecting earnings of $0.17 per share on revenues of $57.8 million.
The company said shares were lifted by expansion in its global clientele and the tossing out of a lawsuit alleging patent infringement and trade secret claims. In today’s trading, shares are at $13.93, up $2.37 from Tuesday’s close. The stock has ranged between $10 and $31.67 during the past year.
For detailed price information and recent news stories about Starent Networks Corp., click STAR.
