Shares of Newport Beach based Jazz Technologies Inc., the parent company of chipmaker Jazz Semiconductor Inc., jumped Thursday after the company upped its outlook for the fourth quarter.
The stock rose nearly 13% on a market value of about $32 million.
Jazz said it expects revenue of $54.4 million to $55 million for the three months ended Dec. 28, on the upper end of the $53 million to $55 million guidance the company gave at the end of October.
Analysts are looking for sales of $54 million.
Including charges for stock-based compensation, acquisitions and other items, the company said it expects to show a net loss for the fourth quarter. Analysts are expecting Jazz to lose about $7 million.
At the end of the fourth quarter, Jazz had approximately $10.9 million in cash, the company said. It recorded debt of about $141 million for the period.
Jazz, which has seen its stock fall by roughly 75% in the past year, is set to release fourth quarter results on Feb. 13.
