Shares of Calix (CALX -4.25%), a provider of cloud and software platform systems and services for connected smart networks, soared on Wednesday. The stock jumped as much as 31.5% but was up 25.3% as of 11:45 a.m. EDT.
The tech stock's gain came after the company reported third-quarter results well beyond analyst expectations.
Calix said its third-quarter revenue increased 32% year over year to $150.5 million, well beyond the company's guidance range for revenue of $127 million to $131 million. Analysts, on average, were expecting revenue of $129.4 million. Non-GAAP (adjusted) earnings per share for the period were $0.40, crushing analysts' consensus forecast of $0.20.
"Overall demand was robust, and our supply chain outperformed despite the continued challenging global environment for component sourcing," said management in the company's third-quarter shareholder letter. Specifically, Calix saw strong demand for its platforms and "the continued ramp of new offerings along with an increase in our legacy product purchases."
For the company's fourth quarter, management said it expected revenue to be between $157 million and $161 million, far ahead of analysts' average estimate of $134.6 million. Guidance for non-GAAP earnings per share of $0.30 to $0.34 was also better than a consensus forecast of $0.15.