Santa Ana-based Powerwave Technologies Inc., a maker of equipment for wireless networks that’s slumped on Wall Street since the fall, saw its shares jump Monday on better than expected first-quarter earnings.
Shares of Powerwave rose nearly 7% in regular trading and another 14% afterhours on a market value of $380 million. The stock is off about 60% since September.
The company reported a quarterly profit after charges of $1.3 million, beating Wall Street’s expectation of a $3.9 million loss.
Sales were $226.3 million, up 38% from a year earlier and above the $203.4 million expected by analysts.
Powerwave saw “strong demand during the month of March” Chief Executive Ronald Buschur said.
The company makes gear for cell phone towers that amplify and carry wireless phone signals. Customers include Finland’s Nokia Siemens Networks and France’s Alcatel-Lucent.
Powerwave has struggled amid consolidation among wireless gear makers, which shrunk its pool of customers by as much as 30%.
Some analysts have been predicting a rebound based on more network spending by Sprint Nextel Corp., Verizon Communications Inc. and AT & T; Inc.
