NEWPORT BEACH, Calif. (AP) -- Shares of Mindspeed Technologies soared more than 20 percent in morning trading on Wednesday as the chipmaker boosted its fiscal fourth-quarter revenue forecast above Wall Street's view.
The Newport Beach, Calif. company now foresees revenue in a range of $35 million to $36 million, up from its prior guidance for revenue of about $33.5 million to $35.5 million.
Analysts surveyed by FactSet expected revenue of $34.5 million.
CEO Raouf Y. Halim said in a statement that the company is seeing better demand for its high-performance analog and VoIP products and that its wireline business, which deals with traditional phone lines, is stabilizing.
Mindspeed Technologies Inc. will report its fourth-quarter financial results on Nov. 5.
Its stock rose 59 cents, or 23 percent, to $3.15. Its shares are up 36 percent from a 52-week low of $2.31 in mid-July. They traded as high as $7.28 in early February.