Straight Path Swings to Q3 Profit as Revenue Triples

Straight Path Communications (STRP), which holds fixed wireless spectrum licenses in the United States, swung to profit in its fiscal third quarter as revenue more than tripled.

Net income was $117,000, or $0.01 per diluted share, in the three-month period ended April 30, from a net loss of $859,000, or $0.08 loss per diluted share, a year earlier.

Q3 revenue grew to $913,000 from $285,000 year-over-year.

Shares of the Glen Allen, Virginia-based company added 3.6% to $9.45 on Monday, extending this year’s gain to 15%.

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Joseph Clements, CPA, is a senior analyst for The Downtown Leader. If you have a great story idea for Joseph Clements, you can write at [Joseph.Clements@downtownleader.com ].

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