InterDigital says 2Q revenue may come in high
InterDigital says its 2nd-quarter revenue may beat market expectations
WILMINGTON, Del. (AP) -- InterDigital Inc. said Thursday that it expects its second-quarter revenue may come in above market expectations thanks to a legal agreement.
The wireless research and development company, based in Wilmington, Del., anticipates revenue between $67.5 million and $74 million. Analysts polled by FactSet, on average, were anticipating revenue of $46.8 million for the period.
InterDigital said the forecast includes approximately $43.5 million from patent royalties and $25 million to $30.5 million related to past sales, which stem from an arbitration decision last month in the company's favor. The company said that whether it hits the top or bottom of the range will depend on its classification of the interest portion of this payment.
The company develops wireless technologies used in mobile devices, networks and services.
Its shares rose 92 cents, or 2 percent, to $48.11 in midday trading. Its stock traded as high as $48.50 earlier in the day, near the top of its 52-week trading range of $22.37 to $48.68.
