Internet phone company magicJack VocalTec Ltd. on Thursday boosted its forecast for the year, citing strong demand during its most recent quarter.
The news sent the company’s shares up more than 4 percent in morning trading.
The Israeli company, which makes devices that route low-cost phone calls over the Internet, said it now expects to post a 2012 profit of $1.70 to $2 per share, up from its previous prediction of $1.50 to $1.80 per share.
It predicts that revenue will now rise 35 to 45 percent from 2011 levels, up from the company’s previous prediction of a 25 to 40 percent increase.
For the fiscal third quarter, the company said it expects to post a profit of 55 cents to 80 cents per share on $40 million to $41 million in revenue. In the same July-September period a year ago, profit came to 35 cents per share on $28.9 million in revenue.
MagicJack said it is cutting costs and adding customers. It also recently launched an early Android version of its mobile phone app, which is being downloaded more than 20,000 times a day, the company said.
MagicJack shares rose $1.06, or 4.2 percent, to $26.50 in morning trading. Shares peaked at $27.75 earlier in the day, close the company’s 52-week high of $28.22. The value of the company’s stock has nearly doubled in 2012 and has nearly tripled over the past 12 months.