November 4, 2011 / 1:28 PM / 6 years ago

Openwave shares spurt on Microsoft deal, Q1 profit

2 Min Read

Nov 4 (Reuters) - Shares of Openwave Systems Inc rose 30 percent in pre-market trade on Friday, a day after the software maker reported a surprise first-quarter profit and announced that Microsoft Corp agreed to license it's patent portfolio.

Openwave, which makes software for telecom operators to give customers wireless access to data and applications, said Microsoft was the first to license its entire portfolio of about 200 patents, including wireless and cloud patents.

The company, which has filed several patent infringement complaints against tech bigwigs Apple and Research In Motion , said it would continue to invest in protecting its intellectual property.

Separately, Openwave also reported a surprise first-quarter profit of 11 cents helped by service and patents revenue growth. Analysts on average expected the company to report a loss of 8 cents per share for the quarter.

Shares of the company which have lost 29 percent since the start of this year, recuperated all their losses to close at $1.57 on Nasdaq on Thursday. They were trading at $2.04 in Friday's pre-market trading.

(Reporting by Siddharth Cavale in Bangalore; Editing by)

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