raised its second-quarter guidance, saying it is seeing an acceleration in orders from a variety of customers.
The company now expects to see sequential revenue growth of 40% over the first quarter's $84.36 million, well ahead of Wall Street estimates. Analysts polled by Thomson Financial/First Call had been expecting revenue growth of 21.5%. Chartered's previous guidance was for 25% growth.
Chartered also improved its loss per American Depositary Share estimate, saying it now expects to see a loss of 76 cents to 77 cents share, ahead of analyst estimates of a loss of 84 cents. Previously, the company had forecast a loss of 82 cents to 84 cents.
In a press release, Chartered said it is in the middle of "an acceleration in orders," which began in late March. The company is "seeing strength this quarter across a wide number of customers, particularly those in communications and computer segments."
Shares of Chartered jumped about 4% to $24.05 on the news in premarket trading after closing at $23.10 Monday.