Cray swung to a profit of $5 million in the first quarter as its revenue climbed to $112.3 million.
Seattle-based supercomputer manufacturer Cray reported strong first-quarter revenue of $112.3 million, up from $39.9 million a year ago.
The company swung to a profit of $5 million, or 13 cents a share, in the quarter ended March 31, from a net loss of $1.5 million, or 4 cents a share, in the prior-year period.
Cray reported its operating expenses went up year-over-year — $36.8 million for the first quarter of 2012, versus $18.1 million for the first quarter of 2011 — because of investments in new initiatives and higher incentive compensation. The company had also benefitted in 2011 from a $12 million R&D co-funding credit related to a Defense Department contract, according to Marketwire.
Earlier this week, Cray’s stock price shot up after it announced it would be selling a major part of its technology portfolio to Intel for $140 million.
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Cray shares closed Thursday at $8.90, up 39 cents. After the financial results were reported, Cray stock climbed 85 cents, or 9.6 percent, to $9.75 in after-hours trading.