Why NeoPhotonics Stock Jumped Today
Shares of NeoPhotonics (NYSE: NPTN) have jumped today, up by 8% as of 11:30 a.m. EDT, after getting an upgrade from Wall Street. B. Riley FBR boosted its rating on NeoPhotonics stock to buy in the wake of the the company reaffirming its outlook.
Yesterday, NeoPhotonics said it expects to hit its guidance for the third quarter despite increased restrictions on Huawei, which is the optical networking technology company's biggest customer, accounting for 52% of revenue in Q2. Guidance for the third quarter issued earlier this month calls for revenue of $97 million to $105 million, and NeoPhotonics currently sees about $40 million coming from Huawei. The company also said that revenue from other customers is expected to grow 40% to 50% over the next year.
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Source Fool.com
