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Why Electro Scientific Industries Shares Skyrocketed Today

TheMotleyFool

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Why Electro Scientific Industries Shares Skyrocketed TodayPhoto, wide shot, wide-angle lens, Construction equipment, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.midjourneyapi.xyz/temp/96af5505-e3c8-4496-bbb7-e4a5eba91e77.png

Why Electro Scientific Industries Shares Skyrocketed Today

Shares of Electro Scientific Industries (NASDAQ: ESIO) have skyrocketed today, up by 29% as of 11:45 a.m. EDT, after the company reported fiscal second-quarter earnings. The results came in strong across the board.

Revenue in the fiscal second quarter totaled $71 million, with GAAP net income of $4.3 million, or $0.12 per share. On a non-GAAP basis, net income was $13.7 million, or $0.39 per share. Gross margin expanded to 37.4%, despite asset impairment and inventory charges related to the company's restructuring and product portfolio "pruning activities."

Image source: Getty Images.

Source: Fool.com