Shares of Newport Beach chipmaker Mindspeed Technologies Inc. jumped Monday after the company said it got $10 million for selling some patents.
The stock rose more than 8% at close of trading on a recent market value of about $76 million.
Mindspeed sold off patents that “are no longer core to its business focus,” the company said in a statement.
The buyers and types of patents weren’t disclosed.
Mindspeed said it has been seeing additional revenue from patent sales in the last year.
It expects to sell additional patents or strike licensing agreements in the future, the company said.
The boost in sales is good news for the maker of chips for telecommunications networks, which has seen its shares plunge about 70% in the past 12 months.
Analysts are looking for profits of $952,000 on sales of $38 million for the June quarter.
Mindspeed is set to report results after the market closes today.
