NEW YORK (TheStreet) -- Shares of Finisar (FNSR) - Get Report were gaining 1.9% to $21.20 after-hours Thursday after the networking equipment maker reported its fiscal third quarter results.

Finisar reported earnings of 25 cents a share for the fiscal third quarter, in line with analysts' estimates for the quarter. Revenue grew 4.2% year over year to $306.28 million for the quarter, compared to analysts' estimates of $305.79 million.

"Revenue growth was primarily driven by the demand for 40 gigabit and 100 gigabit transceivers for datacom applications, as well as transceivers for wireless applications," Executive Chairman Jerry Rawls said in a statement.

Read: Finisar Is the Darling of Broadband Providers Eager for Faster Networks

The company said it expects revenue of $310 million to $330 million for the fiscal fourth quarter, above analysts' estimates of $307.92 million for the quarter.

TheStreet Ratings team rates FINISAR CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate FINISAR CORP (FNSR) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and disappointing return on equity."

You can view the full analysis from the report here: FNSR Ratings Report

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