NEW YORK (TheStreet) -- Shares of Finisar (FNSR) - Get Report are soaring, sharply up 8.21% to $22 on very heavy volume in midday trading Friday, following the release of the network equipment maker's upbeat fiscal third quarter earnings results and current quarter outlook.

For the third quarter, the company posted earnings of 25 cents per share, in-line with analysts' estimates.

Revenue came in at $306.3 million for the quarter, up from $294 million a year ago, and beating the consensus estimate of $305.8 million.

For the current quarter, Finisar issued an upbeat profit and revenue guidance due to increased demand for its wireless transceivers, as well as more business from several of its data communications customers.

The fiber optic component supplier now projects earnings of between 22 cents to 28 cents per share, on revenue of between $310 million to $330 million for the fiscal fourth quarter. Analysts are expecting earnings of 23 cents per share on revenue of $308 million.

About 3.77 million shares of Finisar exchanged hands as of 12:01 p.m. ET today, compared to its average trading volume of about 1.37 million shares a day.

Sunnyvale, CA-based Finisar provides optical subsystems and components that are used in data communication and telecommunication applications.

The company's optical subsystems consist of transmitters, receivers, transceivers, transponders and active optical cables that provide the optical-electrical interface for interconnecting the electronic equipment.

Separately, 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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