NEW YORK (TheStreet) -- Viavi Solutions (VIAV) - Get Report stock is up by 13.02% to $5.68 in mid-morning trading on Wednesday, after the company reported better-than-expected 2016 second quarter earnings results and appointed a new CEO.
After the market close on Tuesday, the Milpitas, CA-based networks solutions company reported earnings of 11 cents per share, higher than analysts' estimates for earnings of 7 cents per share. Revenue of $232.1 million beat analysts' expectations for revenue of $220.4 million.
Additionally, Viavi named Oleg Khaykin as its new CEO and President effective today. Khaykin former was a Senior Advisor with private equity firm Silver Lake Partners.
"Viavi also has strong leadership and technological excellence in anti-counterfeiting solutions for currency authentication," Khaykin said in a statement. "I am looking forward to the exciting challenge and opportunity to build success at Viavi and creating value for our customers, shareholders and employees as we execute our strategy."
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates the stock as a "sell" with a ratings score of D+. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: VIAV