China TechFaith 2Q Profit Rises On One-time Gain
SEATTLE (AP) ¿ Cell phone design and manufacturing company China TechFaith Wireless Communication Technology Ltd. said Monday its second-quarter profit rose 17 percent, helped by a one-time gain.
But sales slipped 12 percent, and investors sent shares down 6 cents, or 2 percent, to $2.88 in after-hours trading. Earlier, the stock gained 21 cents, or 7.7 percent, to close at $2.94.
The Beijing-based company's earnings for the three months ended June 30 increased to $4.5 million, or 10 cents per U.S.-traded share, from $3.9 million, or 9 cents per share in the same period last year.
Results included a $2.1 million gain from a change in fair value of certain debt.Sales slipped 12 percent to $49.8 million from $56.6 million in the year-ago quarter. TechFaith's product sales group's revenue dropped 6 percent to $48 million. Its handset design business' revenue sank 71 percent to $1.6 million. The company said its deputy chief executive, Wilson Cai, is resigning because of personal health concerns. Cai replaced Bob Huo a year ago. His spot on the board will be filled by Dong Deyou, another TechFaith executive.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV