AVNW - Why Aviat Networks Stock Surged by 19% on Thursday
There's nothing like an estimates-trouncing quarter to put some zing into a company's stock price. That was the joyful dynamic experienced by Aviat Networks (NASDAQ: AVNW) on Thursday, when investors piled into the networking products and services company after it published its latest earnings report. The stock was a real hot item, and closed the session more than 19% higher.
After market hours on Wednesday, Aviat unveiled the figures for its fiscal 2023 second quarter, and they were impressive.
For the period, which ended Dec. 30, the company's revenue totaled $90.7 million, which was nearly 17% higher on a year-over-year basis. Non- GAAP (adjusted) net income came in at $11.1 million ($0.94 per share) for a robust improvement of almost 31% over the year-ago quarter. That profit margin also notched a new all-time quarterly record for Aviat.
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Why Aviat Networks Stock Surged by 19% on Thursday