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.
The stock was rising 13.3% to $13.17 on volume of nearly 600,000, according to Nasdaq.com. Based on Monday's regular session close at $11.62, the shares were up more than 35% so far in 2011. Wall Street was very bullish on GT Solar ahead of the news with 11 of the 13 analysts covering the shares at either strong buy (5) or buy (6), and the median 12-month price target sitting at $15. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: firstname.lastname@example.org