Net2Phone, Inc. (Nasdaq: NTOP) rose 3 5/16 to 32 13/16 Thursday after posting a narrower-than-expected loss for its latest quarter. An analyst upgrade also helped boost the shares.
Net2Phone reported revenue of $18.9 million and a loss of 21 cents per share for the quarter; analysts were looking for a 22-cent loss and revenue of $18.0 million.
At Robertson Stephens, analyst Rick Juarez began coverage of the stock with a buy rating. The surprisingly strong results, he said, were “driven by solid growth in higher-margin international minutes, as well as Net2Phone’s nascent, but strategically powerful, move into wholesale traffic for carriers.”