J2 Global Communications Inc. shares jumped more than 16 percent on Wednesday, a day after the business communications services provider reported a 52 increase in second-quarter net income and announced it would start paying a dividend.

After the Tuesday markets closed, the Los Angeles company, which provides “cloud based” Internet communication, messaging and data backup services around the world, reported net income of $28.5 million (61 cents per share), compared with $18.7 million (41 cents) in the same period a year earlier. Revenue rose 40 percent to $85.7 million.

Excluding one-time items, the company had adjusted per-share profit of 65 cents per share. Analysts surveyed by Thomson Reuters on average expected 58 cents on revenue of $83.9 million.

J2 Global raised its outlook for the rest of the year and now expects adjusted earnings of $2.46 to $2.56 per share on $335 million to $345 million in adjusted revenue. It previously gave guidance for adjusted earnings of $2.21 to $2.42 per share on $320 million to $340 million in adjusted revenue.

The board approved a quarterly cash dividend of 20 cents a share, to be paid Sept. 19 to shareholders of record on Sept. 2.

“I am pleased that our board has approved the initiation of a quarterly dividend, as this returns cash to our shareholders and positions us to broaden our shareholder base,” Chief Executive Hemi Zucker said in a statement. “It also reflects the board’s confidence in our operating and financial position.”

Shares closed up $4.30, or 16.5 percent, to $30.428 on the Nasdaq.