NPTN - Why NeoPhotonics Stock Jumped 10.2% Today
Shares of NeoPhotonics (NYSE: NPTN) closed Monday's trading session 10.2% higher, having soared as much as 10.7% earlier in the day. The maker of lasers and optoelectronic components for use in high-speed networking systems published preliminary third-quarter results and outlined an ambitious cost-cutting program.
NeoPhotonics tightened its third-quarter revenue outlook around the $102 million mark, up from $101 million in the existing guidance and 10% above the year-ago period's sales of $92.4 million. On the bottom line, management now expects adjusted earnings of roughly $0.12 per share, near the top end of the previous guidance range that was centered at $0.08 per share. In the third quarter of 2019, NeoPhotonics reported adjusted earnings of $0.11 per share. The new targets also exceed the current Street views, as your average analyst would have settled for earnings near $0.09 per share on revenues in the neighborhood of $101 million.
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Why NeoPhotonics Stock Jumped 10.2% Today