Last night after the close, 3Com said its first-quarter loss totaled $18.7 million, or 5 cents per share, wider than the previous year's loss of $14.1 million (4 cents per share). On a non-GAAP basis, COMS would have posted a profit of $12.2 million, or 3 cents per share, compared to a 1-penny loss in the year-ago period. According to Thomson Financial, analysts were expecting per-share earnings of 2 cents per share.

Revenue at the voice and data networking company rose 6.4% to $319.4 million from $300.1 million last year.

In the firm's accompanying press release, COMS' president and CEO affirmed that We had a strong start to our fiscal year ... revenue in all 3 business units showed year-over-year growth ... we are particularly pleased with the significant improvement in our gross margins and our ability to keep our direct operating costs essentially flat on a year-over-year basis.

During Thursday's session, COMS shares ramped up nearly 4% and came within a hair's breadth of taking out resistance at its 20-day moving average. A breakout above this trendline may not happen this morning, however, as the stock is showing a 5% decline in pre-market trading.