NEW YORK (AP) - Internet phone company MagicJack VocalTec Ltd. on Tuesday lifted its outlook for the full year because of its strong second quarter, driving shares higher in morning trading.
The Israeli company, which makes devices that route low-cost phone calls over the Internet, said it expects to post a profit of 48 cents to 52 cents per share on $37.5 million to $38.5 million in revenue for the April-June quarter.
That's up from its guidance in early June, which said profit could top 43 cents per share on revenue of $36 million or more.
Because of its better-than-expected results, the company raised its forecast for the full year. It projects profit of $1.50 to $1.80 per share on revenue growth of between 25 percent and 40 percent. The company previously projected a profit of $1.25 to $1.70 per share on revenue growth of 20 percent to 30 percent.
MagicJack said that during the quarter it launched an app for Apple Inc.'s iPhone and iPad, and plans to launch an Android version next week, which it expects to boost customer growth. The company said it also plans to launch other new products in the second half of the year, including a Wi-Fi home phone, which it thinks will prompt more of its customers to renew their licenses and use more of its products.
MagicJack shares rose $3.10, or 17 percent, to $21.81 in midmorning trading. Over the past 52 weeks, the company's shares have traded between $9.49 and $28.22. Since the beginning of this year, its shares have risen about 37 percent.
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