KING OF PRUSSIA, Pa. (AP) -- InterDigital Inc. said Friday that it expects to generate revenue of $71 million in its fiscal second quarter, beating market expectations.
The wireless technology company, based in King of Prussia, said it expects a revenue boost from the sale of four groups of patent and license royalties during the period.
The forecast beat market expectations of revenue of $65.6 million, according to a poll of analysts by FactSet.
The company also said that its board approved a $100 million share repurchase program. It replaces a recently completed buyback program of equal size.
InterDigital said that given its financial strength, it is able to invest in its research and development, potential acquisitions as well as buy back shares.
Shares of the company rose $1.49, or 5.7 percent, to close at $27.75.