UPDATE 1-Acacia Research swings to Q3 profit
* Q3 EPS $0.70 vs loss $0.11/shr last year?
* Revenue rises more than four-fold
Oct 21 (Reuters) - Acacia Research Corp (ACTG.O), which acquires and licenses patent rights to various technologies, posted a record revenue and swung to a quarterly profit, helped by an increase in new agreements, sending its shares up 11 percent in after-market trade Thursday.
For the July-September quarter, the company earned $24.7 million, or 70 cents a share, compared with a loss of $3.4 million, or 11 cents a share, last year.
Revenue rose nearly four-fold to $64 million.
The company said new revenue agreements rose to 51 from 36 last year during the quarter.
Acacia signed a patent licensing alliance with Japan's Renesas Electronics Corp (6723.T), a semiconductor speciality manufacturer.
"We are well positioned to benefit from the new trend of large companies deciding to generate revenues from their patent portfolios," Chief Executive Paul Ryan said in a statement.
The Newport Beach, California-based company's shares, which have gained 47 percent in value since reporting second-quarter results in July, were up 11 percent at $24 during after-market trade Thursday on Nasdaq. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)