NEW YORK (TheStreet) -- Finisar Corp.  (FNSR - Get Report) stock is up 15.66% to $16.40 in mid-morning trading on Friday after the company reported strong 2016 third quarter results. 

After the market close on Thursday, the fiber optic communications developer reported adjusted earnings of 25 cents per share, higher than Wall Street's forecasts for 22 cents per share.

However, revenue of $309.2 million was slightly lower than analysts' estimates for $311.97 million.

"Better than expected gross margins, due to favorable product mix, as well as lower than expected operating and other expenses, resulted in earnings per fully diluted share at the upper end of our prior guidance range," CEO Jerry Rawls said in a statement. 

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 this stock as a "hold" with a ratings score of C.  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 good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and poor profit margins.

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