Shares of Ribbon Communications (NASDAQ: RBBN) skyrocketed on Wednesday. The single-day gains peaked at 32.7% in the early afternoon before settling down to a still-impressive 28% price increase at 2:30 p.m. ET today.

The provider of hardware and software solutions for secure communication networks reported modest earnings on Tuesday evening, but also unveiled an impressive contract with Verizon Communications (NYSE: VZ) amid generally improving market trends.

Ribbon's results fell short of analyst expectations in the first quarter of 2024. Yes, that's an unusual setup for a huge stock-price jump.

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Source Fool.com