North State, a technology company based in High Point, reported a 75.5 percent increase in third quarter earnings due to revenue growth in information technology services, hardware and residential fiber optic services.

Earnings for the third quarter of 2018 totaled $1.7 million, or 77 cents per share, compared to $1.0 million, or 44 cents per share, for the third quarter of the previous year.

Revenue for the quarter was $33.8 million, up 13.8 percent from $29.7 million the year prior. IT services and hardware accounted for 40 percent of the company’s 2018 third quarter revenue.

Revenue growth was also driven by an increase in the number of households employing the company’s residential fiber optic services, including fiber optic Internet and television.

“We continue to make progress in bringing new services and opportunities to a wide range of residential and business customers,” said Chief Executive Officer Royster Tucker III in a statement. “We are pleased with our financial results for the period.”

North State’s stock price dropped 1.93 percent on Monday to $57 per share.

North State was initially established as High Point Telephone Exchange by local businessmen in 1895. Tucker is the great grandson of one of the company’s founders.

The release can be found here.