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AsiaInfo shares rise after earnings beat estimates

By Associated Press
April 24, 2008 | Comments (0)

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Shares in AsiaInfo Holdings Inc., which provides software to Chinese telecom companies, rose Thursday after the company posted earnings that easily beat Wall Street expectations.

Shares rose 2.9 percent to $12.60 in morning trading.

AsiaInfo reported a profit of $5.2 million, or 11 cents per share, compared with a year-earlier profit of $6.4 million, or 14 cents per share. Though profit was down it still beat average Wall Street expectations for earnings per share of 9 cents, according to Thomson Financial.

Roth Capital Partners analyst Joshua Jabs said in a note to clients that the company was benefiting from strong fundamentals for the sector in Asia.

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