Telecom

Return to Article

Qiao Xing Sales Surge

TSC Staff

Shares of Qiao Xing Universal Telephone (XING Quote) rose nearly 12% in premarket trading Monday after the company said its second-quarter net sales probably rose 36% from a year ago.

The company said sales for the quarter should total around $96.4 million, thanks to strong growth momentum in CECT-brand mobile phones. Qiao Xing, a Chinese distributor of phones and other telecom products, estimated that its gross profit for the second quarter increased 90% from a year earlier to $17.8 million.

Qiao Xing's shares were up $1.33 to $12.45 before the opening bell.