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Newport Beach-based Acacia Research Corp. on Thursday reported revenue and adjusted profits in the second quarter that beat Wall Street expectations.

Acacia, which licenses patents from its own portfolio and for other companies, posted revenue of $50 million in June quarter, up 26% from a year earlier.

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Analysts on average had forecast sales of $42.2 million.

Adjusted profit hit nearly $21 million, up 157% from the prior year.

Wall Street was expecting adjusted profit of about $11.9 million.

Acacia generated revenue from 125 licensing and enforcement deals through the June quarter, up from 104 a year earlier.

The company acquired 27 new patent portfolios in the second quarter.

Acacia is undergoing a strategic shift to buy patents outright rather than licensing technology on behalf of companies.