RealD Inc. shares gained more than 21 percent on Wednesday after the 3D technology provider reported significantly higher revenue and a smaller net loss in its fiscal second quarter.
Late Tuesday, the Los Angeles company reported a net loss of $5.1 million (12 cents per share) for the quarter ended Sept. 24, compared with a net loss of $5.4 million (-22 cents) a year earlier.
Net revenue increased 69 percent to $65.3 million. RealD, which went public in July, develops and licenses stereoscopic technology used in 3D motion pictures, video games and other multimedia content. The company as of the end of the quarter had deployed approximately 9,300 RealD enabled screens, most of them in the United States and Canada. That’s 182 percent more than a year earlier.
Analysts surveyed by Thomson Reuters on average expected the company to report a per-share loss of 17 cents and revenue of $50.8 million.
“RealD delivered solid results … led by the strength of the RealD platform and our expanding global footprint,” Chief Executive Michael V. Lewis said in a statement.
“As a global leader in licensing 3D technologies, we believe RealD is uniquely positioned to capture this growing opportunity in 3D cinema.”
Shares closed up $4.75, or 21.4 percent, to $26.96 on the New York Stock Exchange.