Anadigics ( ANAD) jumped into the Cisco ( CSCO) jet stream Wednesday morning, soaring on some good news of its own.

The component maker upgraded its revenue and loss guidance just over two weeks since delivering its second-quarter projections. Anadigics hopes to deliver $23 million in revenue for a 29-cents-a-share loss.

Wall Street consensus called for $21 million in revenue and a 31-cents-a-share loss, which was consistent with the company's previous guidance, delivered on April 22. The company attributed the 10% revenue boost to robust sales of its CDMA power amplifiers, which will goose its wireless revenue while broadband sales remain stable with expectations.

In the first quarter, Anadigics turned in $19.5 million in revenue and a 37-cents-a-share loss. The company is expecting a favorable year-on-year comparison against the second quarter of 2001's $19 million in revenue and wide 48-cents-a-share loss.

Anadigics shares were up more than 20% to $10.32 in midafternoon trading.

More from Technology

Why Does Elon Musk Keep Buying Tesla Stock?

Why Does Elon Musk Keep Buying Tesla Stock?

Decision on AT&T's Merger With Time Warner Marks a Monumental Week for M&A

Decision on AT&T's Merger With Time Warner Marks a Monumental Week for M&A

Tesla Slumps After Mary McCormack Tweets Husband's Flaming Model S

Tesla Slumps After Mary McCormack Tweets Husband's Flaming Model S

5 Stock Picks Under $10 for Millennials

5 Stock Picks Under $10 for Millennials

3 Apps Than Make Retirement Planning Fun for Millennials

3 Apps Than Make Retirement Planning Fun for Millennials