Sycamore Networks (Nasdaq: SCMR) earned a penny more than the consensus prediction in the first quarter.
After market close Tuesday, the maker of optical networking switches reported fiscal first quarter earnings of $6 million, or 2 cents per share, excluding special charges. First Call's survey of 13 analysts predicted a profit of a penny per share for the quarter ended Oct. 28.
Shares of Sycamore rose to 66.75 in afterhours activity on the Island electronic communications network, immediately following the release of quarterly results. Sycamore stock rose 3.9375 to 64.4375 in Tuesday's regular trading ahead of the first quarter report.
Including amortization and other charges, Sycamore lost $26.2 million, or 11 cents per share.
First quarter revenue increased 33 percent sequentially and 517 percent year-over-year to $120.4 million, ahead of expectations. Analysts generally called for revenue of about $104 million for the quarter.
"The fundamental drivers behind Sycamore's growth have remained strong, and our newest product introductions are being favorably received by current and prospective customers," said Dan Smith, CEO and president.
Investors have lately been concerned about optical networking growth. Sycamore maintained an upbeat view.
"We remain optimistic about our ability to generate revenue growth that meets or exceeds the overall current growth of the intelligent optical networking market," Smith said.
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