NEW YORK (TheStreet) -- Investor concerns about weak telecom spending have pressured shares of optical components manufacturer Finisar (FNSR) - Get Report, which are down 15% over the past 12 months. But this company is hardly one-trick pony. Finisar's strong product portfolio is an asset that should reward patient shareholders.

FNSR data by YCharts

Finisar, headquartered in Sunnyvale, Calif., makes components used in both wireline and wireless networks for carriers like AT&T (T) - Get Report which has used Finisar technology in its high-speed 4G LTE networks. And though AT&T has cut its capital expense budget for 2015 by $3 billion, Finisar shareholders shouldn't worry.

The company's prospects will remain positive as long as global demand for bandwidth continues to grow. And AT&T is likely to remain a steady Finisar customer as the amount of streaming video, audio and other data transmitted over its networks keeps rising.

Meanwhile, companies worldwide continue to seek faster ways to distribute digital data, which bodes well for Finisar's ability to sell more transmitters, receivers and transceivers. The growing popularity of cloud services will also support Finisar's sales, as it spurs businesses to upgrade their networks. Cloud providers will rely on Finisar's high-speed optical connections as they add capacity in their data centers.

Thus, despite recent concerns about weak telecom spending, there are plenty of reasons to be encouraged about Finisar's long-term prospects. And with shares trading at around $20, down roughly 31% from their 52-week high of $28.85, now is the time to buy the stock, especially with fiscal third-quarter earnings results due out Thursday after market close.

This stock is down more than 56% from its 2011 high of $46.09. But given that shares are up more than 42% from their 52-week low, (including a 17% gain in the past three months), it appears Finisar investors have already seen the worst.

For the quarter that ended in January, analysts expect Finisar to post earnings of 25 cents per share on revenue of $305.8 million. For the full year ending in April, earnings are projected to be $1.02 per share on revenue of $1.24 billion.

Finally, rival Avago Technologies (AVGO) - Get Report just posted better-than-expected results, which suggests there's strong demand for optical components. Finisar should be a beneficiary of that market growth too. Between its diversified product line, its solid balance sheet, and a growing demand for the technology it produces, it's clear why the stock has a consensus buy rating. Finisar is well positioned to reward patient shareholders.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.