22% Stock Price Rise Takes STM Wireless by Surprise
- Share via
IRVINE — STM Wireless Inc.’s stock jumped 22% on Thursday to close at $15.25, up $2.75 a share on the Nasdaq market.
Company officials said they were pleasantly surprised by the rise, but unsure why it happened.
The maker of wireless communication products has enjoyed a steady hike in stock prices over the past six weeks, particularly after posting strong gains in earnings and revenue for the second quarter ended June 30.
Second-quarter net income climbed to $720,000, or 12 cents a share, from $469,000, or 8 cents a share, a year earlier. Revenue totaled $14.3 million, up from $9.8 million.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
