InterDigital shares fall on 3Q revenue outlook

Shares of InterDigital Inc. sank Thursday after the wireless technology company issued third-quarter revenue guidance below Wall Street expectations.

InterDigital forecast revenue for the quarter ending Sept. 30 in a range of $54 million to $57 million, excluding any potential impact from new agreements or additional royalties.

Analysts surveyed by Thomson Reuters forecast higher revenue of $60 million for the third quarter.

"For third quarter 2008, we are providing a somewhat broader range of guidance than usual to accommodate the uncertainty about the timing of receipt of royalty reports for modem IP-related sales," Chief Financial Officer Scott McQuilkin said in a statement.

The company earned $56.5 million in revenue during the third quarter of 2007.

The King of Prussia, Pa.-based company saw its shares give up $3.25, or 12.5 percent, to $22.82 in afternoon trading. The stock has ranged between $16.47 and $28 over the past year, and is up nearly 12 percent since January.