NEW YORK ( TheStreet) -- Shares of JDS Uniphase ( JDSU) surged in late trades on Wednesday after the optical networker handily beat Wall Street expectations for its fiscal third-quarter results.

The company reported non-GAAP generally accepted accounting principles earnings of $51 million, or 22 cents a share, for the three months ended April 2 on revenue of $455.4 million. In the same period a year earlier, JDS posted an equivalent profit of $23.2 million, or 10 cents a share, on revenue of $332.3 million.

The average estimate of analysts polled by Thomson Reuters was for a profit of 20 cents a share in the latest quarter on revenue of $448 million.

The stock was last quoted at $21.95, up 9.8%, on volume of 1.37 million, according to Based on Wednesday's regular session close at $20, the shares were already up 50% in the past year, although the 52-week high of $29.12 dates back to mid-February.

"We benefited again this quarter from the strong mix of new products as the result of our collaborative innovation initiative evidenced by market share gains in our optical communications and test and measurement businesses," said Tom Waechter, the company's president and CEO, in a statement.

Revenue for communications and commercial optical products jumped 9.6% on a sequential basis to $209.4 million in the latest quarter, offsetting a sequential decline of 18.2% in communications test and measurement revenue to $189.2 million in the three-month period.

JDS, which is based in Milpitas, Calif., also gave an outlook for the current quarter, forecasting non-GAAP revenue ranging from $455 million to $475 million for its fiscal fourth quarter ending on July 2. That projection reflects a fair amount of potential downside to the current average analysts' view calls for revenue of $469.8 million.

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JDS Uniphase (JDSU) Stock Gains on Competitor's Quarterly Results and Strong Guidance