Shares of Applied Optoelectronics (AOI) experienced a significant surge on Friday following the company’s second-quarter earnings report. The market reacted positively to AOI’s narrower-than-expected adjusted losses per share in the second quarter.
- Share Increase: At 9:40 a.m. ET, AOI’s shares were up 40% at $9.23. The stock has shown impressive growth, increasing over 248% since the beginning of the year and 254% in the past 12 months.
In the recent earnings report, AOI revealed that their adjusted losses per share, which excludes one-time items, were at 21 cents. This figure surpassed the expectations of analysts polled by FactSet, who had forecasted a wider loss of 28 cents.
Additionally, AOI posted a net loss of $16.9 million, or 57 cents per share, in the second quarter. This is compared to a loss of $14.5 million or 52 cents per share, during the same period last year.
While revenue declined to $41.6 million from $52.3 million, it is worth noting that analysts surveyed by FactSet anticipated revenue of $45.4 million.
These positive results reflect AOI’s solid performance and resilience despite challenging market conditions. It will be interesting to see how AOI continues to thrive in the coming months.