Internet Gold Hits Earnings Gold

 |  Includes: IGLD, SMLC
by: Eric Savitz

Internet Gold (NASDAQ:IGLD) shares are sharply higher Wednesday morning after the Israeli Web player posted strong Q1 results.

An Internet communications and content company, IGLD reported revenue of $72 million and a profit of 38 cents a share; the single analyst tracked by Thomson that covers the company had expected $65 million and 10 cents. The company said it had strong results at its majority owned 012 Smile.Communications (SMLC) unit. Revenues were up 8% from a year ago.

IGLD also said it bought back 1,078,813 ordinary shares in the quarter, cutting the number outstanding to 18,575,112 shares. The company said it has repurchased another 425,925 shares since the end of the quarter.

IGLD Wednesday is up $1.65, or 34%, to $6.50.

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