Comverse beats Street, splits stock
By Brenon Daly, CBS MarketWatch
Last Update: 5:40 PM ET Mar 7, 2000
NEW YORK (CBS.MW) -- Shares of Comverse Technology edged higher in evening trading Tuesday after the networking company topped analysts' expectations and set a stock split.
The company (CMVT: news, msgs) said it earned $50.5 million, or 60 cents per share, in its fourth quarter. That's three cents above the consensus estimate among analysts surveyed by First Call. In the same quarter last year, Comverse earned $32.4 million, or 44 cents per share.
Additionally, the company, which has seen its stock double over the past three months, said it'll split its shares 2 for 1. Comverse stock closed off 13 1/2 at 222 1/8, but moved to 229 on Island.
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