The value of shares for CalAmp Corp. (NASDAQ:CAMP) rose during trading on Friday, as the company's micro cap stock benefited from an announcement that it was raising the guidance for its first quarter revenue and earnings.
According to a release, the leading provider of wireless products and services announced that the revenue for fiscal 2013 is expected to the be in the range of $43.5 to $44 million, an increase from the previously issued $38 million to $41 million.
The release noted that the increased revenue outlook is due in part to a perceived rise in demand in the company's Wireless Datacom segment, as earnings in this area are projected to be higher than initially thought.
RTTNews reported that the lift of the Q1 forecast for the company would help to bring the shares of CalAmp Corp. upward, as the guidance for these ranges was raised in order to meet the growing revenue that was predicted.
Shares of CalAmp's stock rose $0.98 to $6.82, an increase of 16.7 percent at 1:06 p.m. on June 8.