Shares of Infinera Corp., a maker of networking equipment, rose Wednesday after the company reported a second-quarter profit on strong sales, beating Wall Street expectations.
Shares rose $1.55, or 17.2 percent, to $10.54 in afternoon trading. The stock has ranged from $7.79 to $27.12 over the past year.
On Tuesday, Infinera reported quarterly net income of $42.9 million, or 44 cents per share, compared with a loss of $26.1 million, or $1.10 a share, in the same period last year. The company had $161 million in revenue, nearly triple the $58.4 million posted in the year-ago period.
Analysts polled by Thomson Financial expected a loss of 3 cents per share on revenue of $89.2 million.
The Sunnyvale, Calif.-based company, which sells digital optical networking systems to telecommunications carriers worldwide, said it added two customers for a total of 44 and grew international revenue during the quarter.
Analysts at Jefferies & Co. Inc. maintained a "Buy" rating.
"We'd encourage investors to maintain a longer-term view of the business," researchers wrote. "We remain confident in Infinera's PIC chip technology and the price/performance advantage in the marketplace."
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