Alliance Fiber Optics raises revenue forecast; shares jump
(Reuters) - Alliance Fiber Optic Products Inc (AFOP.O), a supplier of fiber optic components, raised its revenue expectations for the current quarter due to a recovery in spending by telecom equipment makers.
The company's shares jumped about 15 percent to $23.2 in after-market trading.
Alliance Fiber Optic now expects sales above $22 million for the quarter ending September 30, higher than the $19.5 million to $20.5 million it forecast earlier.
"With increased demands for datacomm applications, customer orders have been stronger than expected," Chief Executive Peter Chang said in a statement.
The Sunnyvale, California-based company's shares closed at $20.24 on the Nasdaq on Tuesday.
(Reporting By Aditya Kondalamahanty in Bangalore; Editing by Sriraj Kalluvila)
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