Finisar Corp (NASDAQ:FNSR) shares were booming Friday as the company released its most recent financial results.
For its fiscal first-quarter report, the optical communication components provider revealed that it earned 22 cents a share, or 38 cents a share after adjusting earnings for stock-based compensations and related costs. Analysts expected adjusted earnings to be 30 cents a share.
Revenue tallied up to $341.4 million, which handily beat expectations by $7.3 million, according to analysts polled by FactSet. Finisar’s fiber components department has been especially hot lately, reaching a 15-year high.
The company is upgrading to speeds of 100 gigabit-per-second, as well as hyper-sped broadband networks that will help integrate its products with video, the Internet of Things and more.
China will also be making such an upgrade, which benefits fiber optics creators such as Finisar.
Second-quarter earnings are slated to be an average of 47 cents per share, which would be ahead of the Wall Street view of 32 cents a share. Net sales will be about $365 million, also topping the $344 million outlook.
If the company’s forecast is correct, earnings will be 30% higher compared to the year-ago period, while revenue will be 7% better than the same quarter in the previous fiscal year.
Finisar uses semiconductor lasers, as well as photodetectors in combination with integrated circuits to help transmit and receive signals on fiber optic cable in the range of one gigabit per second (Gbps) to above 100 Gbps.
FNSR stock is up 14.3% Friday.
