NEW YORK ( TheStreet) -- Shares of HiSoft International (HSFT) rose in late trades on Monday after the China-based information technology services provider said revenue rose more than 45% year-over-year in its fiscal first quarter.
The company posted a non-GAAP profit of $4.7 million, or 15 cents a share, for the three months ended March 31, up from year-ago equivalent earnings of $3.9 million, or 17 cents a share. Revenue jumped to $44.3 million in the first quarter from $30.5 million last year.
HiSoft, which derives nearly 60% of its revenue from companies headquartered in the United States and Europe, said the topline growth was fueled by increased demand for its outsourcing services, including "strong momentum from domestic clients in China."
The stock was last quoted at $14.67, up 7.8%, on after-hours volume of 2.3 million, according to Nasdaq.com. Based on a regular session closing price at $13.61, the shares had fallen more than 50% since the start of the year.For the second quarter, HiSoft forecast non-GAAP earnings of 17 to 18 cents a share on revenue of at least $47 million, implying sequential topline growth of 6%. The company sees non-GAAP earnings of 76 to 80 cents a share for fiscal 2011 with revenue projected to reach at least $194.5 million.