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China Techfaith Wireless Q1 Profit Rises

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advance2 May 20, 2010 (Chinavestor) China Techfaith Wireless (Nasdaq: CNTF), a handset designer and software developer, said its first-quarter profit rose to $6.9 million from $2.1 million a year earlier as sales jumped to $60.9 million from $59.8 million. Gross margin for the quarter improved to 22% compared to 16.1%.


CNTF said its first-quarter revenue was the strongest number the company has reported since it was founded and that it was able to boost profits by focusing on higher margin items and cutting costs. Higher mobile phone prices helped boost margins.


CNTF's mobile game and online game businesses generated combined sales of $1.3 million during the quarter. The company expects second-quarter sales of $62 million to $65 million.

The company said that it expect gross margins remain the same as in the first quarter, suggesting the company will report a record revenue and income level for the upcoming quarter. Given that the stock price of the company fell -26.7% YTD, expect a nice jump in the stock price for today.

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