Opnext Inc. (NASDAQ: OPXT) shares are soaring after the company announced a narrower third-quarter loss and provided an upbeat outlook for the fourth quarter.
After market close on Thursday, Opnext said that its third-quarter loss narrowed due to higher sales and lower research and development expenses. Opnext reported a net loss of $10.2 million, or $0.11 per share for its third quarter, compared with a loss of $18.6 million, or $0.21 per share reported for the same period in the previous year.
Opnext�s third-quarter revenue climbed 28% to $97 million. Analysts had forecast the company to report third-quarter revenue of $90 million. The company�s research and development expenses came in its $13.7 million for the quarter, compared with $17.5 million reported for the same period in the previous year.
Opnext also provided guidance for the fourth quarter of fiscal year 2011. The company said that it anticipates fourth-quarter revenue to come in between $97 million and $102 million. Analysts forecast the company to reported fourth-quarter revenue of $92.5 million.
Following the announcement of strong quarterly results and upbeat outlook, shares of Opnext are seeing a huge rally in today�s trading. The small cap stock reached a 52-week high of $2.91 in early trading, and at last check, it was up 29.15% to $2.57, with volume up from daily average of 514,145 to 904,277.
The small cap stock of Opnext has a 52-week range of $1.29-$2.91. The stock is currently trading above its 50-day and 200-day moving averages. In the last one year, Opnext shares gained 44.74%.
Fremont, California-based Opnext is engaged in designing and manufacturing of optical components, modules, and subsystems for communications uses.
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