Shares of Newport Beach chipmaker Mindspeed Technologies Inc. jumped Wednesday after the company restated its sales outlook for the current quarter.
Investors sent the stock up nearly 17% in early afternoon New York trading on a recent market value of $28 million.
For the three months through March, Mindspeed said it’s expecting sales of $27.5 million to $28.5 million, up from its previous forecast of $26 million to $29 million.
The company said it saw an additional $2 million added to its top line from the sale of certain patents.
It’s also seeing a boost in demand for networking and voice over Internet Protocol chips stemming from increased spending on wireless infrastructure projects in China.
Mindspeed’s shares are off about 60% in the past 12 months and have been hovering at around $1 per share since November.
The company is set to announce quarterly results on May 4.
