* Q3 revenue $49 mln vs est $42.2 mln
* Shares up 10 pct in extended trading
Feb 1 (Reuters) - RealD Inc, a licensor of 3D technologies posted a surprise profit, as gross margins improved dramatically in the third quarter, sending its shares up 10 percent after hours.
Third-quarter net profit was $2.8 million, or 5 cents a share, compared with a net loss of $16.6 million, or 34 cents per share, a year ago.
Gross margins jumped to 49 percent from 11 percent.
Revenue for RealD — which also competes with Imax Corp , Dolby Laboratories Inc and privately owned Masterimage 3D — fell 15 percent to $49 million.
Product and other revenue fell 47 percent, partly hurt by more movie goers reusing the RealD eyewear.
Analysts, on average, expected a third-quarter loss of 5 cents per share on revenue of $42.2 million, according to Thomson Reuters I/B/E/S.
Shares of the company rose to $10.70 in extended trading. They closed at $9.74 on Wednesday on the New York Stock Exchange. (Reporting by Sayantani Ghosh in Bangalore; Editing by Sriraj Kalluvila)