Acacia Communications, Inc. (NASDAQ: ACIA) shares after reporting a second-quarter earnings beat. The company also issued strong third-quarter earnings and sales guidance.
The Maynard, Mass.-based company reported revenue of $65.0 million, which decreased 18% year-over-year. GAAP net loss was $3.2 million; with a non-GAAP net loss of $3.2 million.
According to CEO Raj Shanmugaraj, "During the second quarter, we stayed focused on execution, particularly around new product development and revenue diversification.
"We are pleased with the ramp of our newer products and the revenue growth opportunities we are seeing in the second half of 2018 over the first half. As we continue to execute on our strategic vision, we believe we are well positioned with our differentiated product portfolio to further diversify our customer and revenue base and benefit from growth in the overall coherent market."
Acacia Communications’ guidance for its third quarter ending September 30, 2018 calls for a revenue range between $86 million, and $94 million, while its non-GAAP net income projections are between $4.1 million to $9.3 million
Acacia Communications, according to company literature, "develops, manufactures and sells high-speed coherent optical interconnect products that are designed to transform communications networks through improvements in performance, capacity and cost."
Acacia shares skyrocketed $4.65, or 13.8%, to $38.31.
