Qiao Xing Sales Surge
Shares of Qiao Xing Universal Telephone (XING) 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.
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