Shares of InterDigital Inc. (NASDAQ: IDCC) are surging in today�s trading. The stock reached a 52-week high of $54.20 in mid-day trading, and at last check, it was up 4.51% to $53.10, with volume up from daily average of 967,609 to 1.07 million.
InterDigital shares have a 52-week range of $22.30-$54.20. The stock is currently trading above its 50-day and 200-day moving averages. In the last one year, InterDigital shares gained 119.28%.
InterDigital shares are seeing hug activity ahead of the company�s fourth-quarter and full-year 2010 financial results, which will be released after market close on February 23, 2011. The company expects fourth-quarter revenue to come in between $92 million and $94 million. Scott McQuilkin, CFO of InterDigital, said that the company�s expected fourth-quarter 2010 revenue reflects continued strong performance in sales of smartphones and the expansion of its licensee base over the past year.
For the third quarter of 2010, InterDigital reported net income of $35.5 million, or $0.79 per diluted share, representing an increase of 16% over the third quarter of 2009. The company�s third-quarter revenue increase 22% to $91.9 million. InterDigital ended the third quarter of 2010 with cash and short-term investments of $563.6 million.
InterDigital recently announced that its patent holding subsidiaries signed into a worldwide, non-transferable, non-exclusive, royalty-bearing patent license agreement with Acer Inc. Lawrence F. Shay, president of InterDigital�s patent holding subsidiaries, said that the company is pleased to have entered into the patent license agreement with Acer. Shay further said that the license agreement shows the company�s continuing strength in developing and licensing multiple generations of air interface technologies.
King of Prussia, Pennsylvania-based InterDigital is engaged in the designing and development of advanced wireless technologies.
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