What happened
Shares of NeoPhotonics (NPTN) popped after the company reported its second-quarter 2021 results, which beat analysts' consensus revenue and earnings estimates.
The tech stock gained as much as 16.5% today and was up by 7.4% as of 2:55 p.m. EDT.
So what
NeoPhotonics' second-quarter revenue increased 37% year over year to $65 million. That figure easily topped Wall Street's consensus estimate of $62.3 million. Additionally, its adjusted net loss of $0.22 per share just barely beat analysts' consensus estimate of a loss of $0.23 per share.
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The company's solid performance in the second quarter encouraged some investors to snatch up shares of NeoPhotonics, pushing the stock price higher.
And investors were also likely glad to hear that management foresees more growth ahead. CEO Tim Jenks said in a press release that the company expects "accelerating growth in the back half of the year."
Now what
Even with today's share-price jump, NeoPhotonics' stock is down about 4% over the past 12 months. The company's share price has been especially volatile since the beginning of this year.
Investors may want to be cautious when considering buying shares of NeoPhotonics, as it appears that the tech stock can make wild swings in either direction.
