1.78%XLF 20.53 6.48%QQQQ 45.97 2.38%
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ALAMEDA, Calif. (AP) - Telecommunications equipment maker UTStarcom Inc. said Thursday that it swung to a first-quarter profit, aided by a gain from the sale of investments and growth in its personal communications unit.
| UTSI | 5.36 |  0.29 |
For the quarter ended March 31, UTStarcom earned $25.4 million, or 21 cents per share, compared with a loss of $54 million, or 45 cents per share, in the year-ago quarter.
The company's revenue rose 23.1 percent year over year to $586 million, helped by growth in UTStarcom's personal communications unit.
UTStarcom also reported a $48.3 million gain from the sale of investments including Gemdale and Infinera, as well as a $8.5 million tax benefit in China that resulted mostly from a change in withholding tax laws.
UTStarcom shares rose 7 cents to $4.85 in after-hours trading, after finishing regular trading up 30 cents, or 6.7 percent, at $4.78.
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