Zoom Technologies Issues Guidance, Stock Soars 41% (ZOOM)
Shares of Zoom Technologies, Inc. (Nasdaq: ZOOM) are trading up 41% at $5.40 per share during the Wednesday afternoon trading session.
Zoom Technologies, Inc announced on Wednesday before the market opened that it forecast full-year 2011 net income between $16 and $17 million, on revenues between $320 and $340 million.
Chairman and chief executive officer Leo Gu said, "We are pleased to announce our guidance for 2011 which shows our confidence in gaining market share. In 2011, we continue to fuel the rapidly expanding China mobile market by introducing 25 new models, including 5 3-G models, of our ZOOM/Leimone brand proprietary mobile phones to complete our feature-rich sleek-designed product line. In addition, we continue to increase our manufacturing capacity and produce mobile products for top tier Chinese mobile phone companies. We are proud of the growth we have achieved in 2010 and excited about significantly increasing manufacturing capabilities going into 2011."
The day's trading range for shares of Zoom Technologies, Inc. (ZOOM) has been between $4.51 and $5.67 per share.
Analysts covering Zoom Technologies stock give it a consensus price target of $8.00 per share.
Trading volume for Zoom Technologies, Inc has been extremely heavy, with 5 million shares having been traded today, far exceeding the daily average volume of 168,000 shares.
Zoom Technologies is a holding company with subsidiaries that engage in the manufacturing, research and development, and sale of electronic and telecommunication products for the latest generation mobile phones, wireless communication circuitry, and related software products.
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