UTStarcom shares jump after company boosts 1Q sales forecast

UTStarcom also said it will delay filing its quarterly report but expects to do so by May 19.

For the three months ended March 31, the company now expects revenue of $580 million to $590 million, up from its earlier outlook of $500 million to $520 million. Sales in the prior-year period were $475.9 million.

The company said the majority of its business units performed well. UTStarcom expects gross margins between 15 percent and 16 percent, up from its earlier guidance of 13 percent.

Shares of Alameda, Calif.-based UTStarcom rose 62 cents, or 18 percent, to $3.98. The stock has traded between $2.23 and $7.36 in the past year.