Genesis Microchip Leaps as it Hikes Revenue Forecast

Genesis Microchip (GNSS) was up 26.9% in preopen Instinet trading after the company said late Tuesday it was increasing its second-quarter revenue estimate.

Genesis said strong product shipments allowed it to raise revenue estimates for the current quarter to $30 million, more than 40% above the previous quarter's $21.3 million. Genesis previously forecast revenue growth of 16% to 20%.

The company also said it would update revenue targets for future quarters when it reports results in mid-October.

The company, a maker of liquid crystal display monitors for personal computers, attributed the growth to stronger than expected customer demand.