Orckit Communications Ltd. (Nasdaq: ORCT; TASE: ORCT) tripled its revenue and narrowed its net loss for the second quarter of 2011. Revenue rose to $5 million from $1.66 million for the corresponding quarter.
Net loss narrowed to $5 million ($0.22 per share) for the second quarter from $7.7 million for the corresponding quarter.
Orckit chairman and president Izhak Tamir attributed the company's revenue growth its growing customer base to 25 Tier-1, Tier-2 and Tier-3 service providers. He added that the company added three new Tier-2 services providers since April, and that the company is in technical discussions, trials and commercial negotiations with almost ten Tier-1 customers in Asia, Europe, and Latin America.
Tamir reiterated Orckit's full-year revenue guidance of $28 million.
Orckit develops high capacity broadband residential, business and mobile services over wireline or wireless networks with its Orckit-Corrigent product line.
Orckit's share price rose 0.7% on Nasdaq yesterday to $1.43, giving a market cap of $32.5 million, but fell 5% by mid-afternoon on the TASE to NIS 4.80.
Published by Globes [online], Israel business news - www.globes-online.com - on August 23, 2011
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