Oclaro (OCLR) Stock Rising After Earnings Beat

Oclaro (OCLR) stock is up and trading on heavy volume after the company's fiscal 2016 first quarter results beat expectations.
By Amanda Albright ,

NEW YORK (TheStreet) -- Oclaro  (OCLR) - Get Report  stock was up 7.28% to $3.39 on heavy trading volume today after the company reported its fiscal 2016 first quarter earnings results. 

After the market close on Tuesday, the optical network technology provider reported a loss of 2 cents per share on revenue of $87.5 million.  

Analysts surveyed by Thomson Reuters were expecting the company to report a loss of 5 cents per share on revenue of $86 million. 

"In addition to reaching our first milestone of generating positive Adjusted EBITDA, we also achieved non-GAAP operating income," Oclaro CEO Greg Dougherty said in a statement. "These accomplishments resulted primarily from planned cost reductions, operational improvements, and strong growth across our 100G product portfolio over the past two years."

Shares of Oclaro were trading at a high volume in early afternoon trading on Wednesday. So far today, 2.42 million shares of Oclaro have traded versus the company's 30-day average of 1.06 million shares. 

Separately, TheStreet Ratings team rates OCLARO INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

We rate OCLARO INC (OCLR) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been poor profit margins.

You can view the full analysis from the report here: OCLR

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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.

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