NEW YORK ( TheStreet) -- Openwave Systems ( OPWV) was a big gainer in Thursday's late action after the maker of networking software inked a licensing deal with Microsoft ( MSFT - Get Report) and posted a surprise quarterly profit. The Redwood City, Calif.-based company said Microsoft has agreed to license its entire patent portfolio, which consists of more than 200 patents, including ones related to cloud computing and smart devices. Financial terms weren't disclosed. Openwave also reported a non-GAAP profit of $9.3 million, or 11 cents a share, on revenue of $52.4 million for the its fiscal first quarter ended in September. The average estimate of analysts polled by Thomson Reuters was for a loss of 8 cents a share in the quarter on revenue of $34.2 million. The stock was last quoted at $2.05, up more than 30%, on volume of more than 150,000, according to Nasdaq.com. Openwave said bookings totaled $23.7 million in the quarter, a figure that includes the deal with Microsoft. "Openwave's first fiscal quarter results were mixed; we validated the strength of our intellectual property portfolio by executing a significant licensing agreement, but we are clearly disappointed with our product bookings," said Mike Mulica, the company's CEO, in a statement. "We continue to work closely with our customers and partners to demonstrate the value of our products and technologies." Based on Thursday's regular session close at $1.57, Openwave shares were down more than 25% so far in 2011. The volatile stock hit a 52-week low of $1.17 on Aug. 12, and its 50-day and 200-day moving averages are $1.61 and $1.93 respectively.
The stock was last quoted at $22, down 12%, on volume of more than 60,000, according to Nasdaq.com. Other stocks moving in late trades included LinkedIn ( LNKD), down nearly 9% on news that the business social networking company is looking to sell another $100 million worth of stock less than six months after its IPO; MasTec ( MTZ - Get Report), losing more than 13% after the Coral Gables, Fla.-based construction company offered a below-consensus profit outlook for the current quarter; Starbucks ( SBUX - Get Report), adding more than 2% after the coffee giant reported an above-consensus profit, lifted its dividend by 31% and announced plans to buy back 20 million shares; and Chesapeake Energy ( CHK - Get Report), which rose more than 5% after Oklahoma City-based oil and natural gas company trounced Wall Street's quarterly earnings expectations and announced joint ventures giving it $3.4 billion in proceeds. -- 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