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On Friday, shares of advanced fiber-optic device maker Applied Optoelectronics (AAOI - Free Report) popped, and closed the day up 19.5% to $55.96 per share after the company reported strong first-quarter results.
Applied Optoelectronics reported non-GAAP earnings of $1.10 per share, soaring past the Zacks Consensus Estimate of 95 cents per share and increasing from a loss of 4 cents per share during the first quarter of 2016. Non-GAAP gross margin expanded to 43.2%, up from 28.3% in the year-ago period.
Revenues came in at $96.2 million, matching our consensus estimate and increasing 91% year-over-year. Cable broadband revenues jumped 90% to $13.1 million, while data center revenue increased 104% to $79.6 million, and fiber-to-the-home revenue rose 77% to just $98,000.
"AOI started off the year with a record performance, and in the first quarter, achieved the highest revenue and earnings in the company's history. Our record results this quarter were driven by continued demand for our market-leading datacenter products and solid execution," said Dr. Thompson Lin, Applied Optoelectronics, Inc. founder, president and CEO.
"We are very pleased with the team's continued execution. Our commitment to technology innovation, manufacturing excellence and customer satisfaction are qualities that continue to set AOI apart, and we believe our performance in the quarter further demonstrates our commitment to excellence in these areas,” Lin continued.
Looking ahead, Applied Optoelectronics expects second quarter revenue in the range of $106 million and $112 million. Non-GAAP EPS is expected to fall between $1.09 and $1.19, while non-GAAP should be in the range of 41% and 42.5%.
Currently, AAOI is a #1 (Strong Buy) on the Zacks Rank, with a VGM score of ‘A.’ Shares of Applied Optoelectronics have gained almost 100% year-to-date, and over 341% in the past one year.
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Here's Why Applied Optoelectronics (AAOI) Stock Popped 19.5% Today
On Friday, shares of advanced fiber-optic device maker Applied Optoelectronics (AAOI - Free Report) popped, and closed the day up 19.5% to $55.96 per share after the company reported strong first-quarter results.
Applied Optoelectronics reported non-GAAP earnings of $1.10 per share, soaring past the Zacks Consensus Estimate of 95 cents per share and increasing from a loss of 4 cents per share during the first quarter of 2016. Non-GAAP gross margin expanded to 43.2%, up from 28.3% in the year-ago period.
Revenues came in at $96.2 million, matching our consensus estimate and increasing 91% year-over-year. Cable broadband revenues jumped 90% to $13.1 million, while data center revenue increased 104% to $79.6 million, and fiber-to-the-home revenue rose 77% to just $98,000.
"AOI started off the year with a record performance, and in the first quarter, achieved the highest revenue and earnings in the company's history. Our record results this quarter were driven by continued demand for our market-leading datacenter products and solid execution," said Dr. Thompson Lin, Applied Optoelectronics, Inc. founder, president and CEO.
"We are very pleased with the team's continued execution. Our commitment to technology innovation, manufacturing excellence and customer satisfaction are qualities that continue to set AOI apart, and we believe our performance in the quarter further demonstrates our commitment to excellence in these areas,” Lin continued.
Looking ahead, Applied Optoelectronics expects second quarter revenue in the range of $106 million and $112 million. Non-GAAP EPS is expected to fall between $1.09 and $1.19, while non-GAAP should be in the range of 41% and 42.5%.
Currently, AAOI is a #1 (Strong Buy) on the Zacks Rank, with a VGM score of ‘A.’ Shares of Applied Optoelectronics have gained almost 100% year-to-date, and over 341% in the past one year.
Stocks that Aren't in the News…Yet
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street.
They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now>>