MagicJack raises forecast on strong demand, shares up
Sept 6 (Reuters) - Israel-based MagicJack Vocaltec Ltd , a provider of internet-based phone services, raised its full-year forecast on strong sales of its new MagicJack Plus product and lower costs.
The company expects per-share earnings of between $1.70 and $2.00 for the year, up from its previous estimate of $1.50 to $1.80. Analysts were looking for $1.53, according to Thomson Reuters I/B/E/S.
MagicJack also raised its revenue growth forecast to between 35 percent and 45 percent from 25 to 40 percent.
For the current quarter, the company said it expects earnings of 55 to 80 cents per share on revenue of $40 million to $41 million, well ahead of analysts' estimates.
On an adjusted basis, MagicJack expects operating income of 65 cents per share in the quarter.
Analysts were expecting earnings of 39 cents per share on revenue of $39.5 million.
MagicJack shares rose 3 percent to $26.12 in trading before the bell on Thursday.