Shares of Coherent rose late Monday after the company noted signs of improving demand and fiscal second-quarter results topped Wall Street’s estimates.
The stock was up 7.2% to $53 in after-hours trading, following a 0.6% rise at Monday’s close. Shares are up 51% in the last three months.
The Saxonburg, Pa.-based optical materials and semiconductor company posted a fiscal second quarter loss of $27 million, or 38 cents a share, compared with $45.1 million, or 58 cents a share, a year earlier. Analysts polled by FactSet expected a 62 cent loss.
Stripping out certain one-time items, the company posted a profit of 36 cents a share, more than the 26 cents forecast by analysts and ahead of the company’s own guidance.
Revenue fell more than 17% to $1.13 billion, but surpassed the $1.12 billion forecast by analysts.
Coherent said that it saw signs of improving demand trends in the quarter, despite macroeconomic uncertainty impacting growth.
The company said its artificial intelligence/machine learning related Datacom transceivers saw a third-straight quarter of strong orders.