Why Applied Optoelectronics Stock Is Skyrocketing Today
Shares of Applied Optoelectronics (NASDAQ: AAOI) skyrocketed on Friday. A mixed earnings report sent the stock soaring, reaching a 51.4% gain as of 2:15 p.m. ET. The maker of fiber-optic networking equipment and components hasn't seen stock prices this high since the fall of 2018.
The actual report wasn't terribly impressive. Third-quarter sales rose 4.3% year over year, landing at $65.2 million. On the bottom line, the adjusted net loss increased from $0.05 to $0.21 per basic share. The analyst consensus targets pointed to a loss of roughly $0.17 per share on revenues near $62.6 million. Applied beat the Street's revenue target, but fell short of earnings expectations.
The same pattern held true for the company's forward-looking projections. The midpoint of management's revenue guidance range points slightly above the current analyst view, while fourth-quarter profits were targeted just below the consensus estimate.
Source Fool.com
