Santa Ana-based Powerwave Technologies Inc. saw its stock soar 10% Tuesday after Nokia Corp., a Powerwave key customer, raised its guidance for the third quarter.
Finnish wireless company Nokia said Tuesday sales for the quarter could reach $10.4 billion, up from an earlier view of up to $10.1 billion.
Nokia cited stronger than expected unit sales and “relatively firm prices.” The company is set to report results on Oct. 20.
That was good news for Powerwave investors. The company, a maker of amplifiers for wireless phone networks, saw about 10% of its revenue come from Nokia in the second quarter.
Powerwave counts a market value of $1.2 billion.
