NEW YORK (TheStreet) -- Shares of Finisar  (FNSR)  were advancing 12.57% to $26.15 in after-hours trading on Thursday as the company reported higher-than-expected fiscal 2017 first quarter results after today's market close. 

Finisar posted earnings of 38 cents per share, surpassing Wall Street's expectations of 30 cents per share. Revenue rose 7.1% to $341.3 million, beating analysts projected $332.75 million in revenue. 

For the same period last year, the Sunnyvale, CA-based fiber optic solutions provider earned 23 cents per share and $314.03 million in revenue. 

Finisar said it expects fiscal 2017 second quarter earnings to be in the range of 44 cents to 50 cents per share, above consensus estimates of 32 cents per share. 

Revenue is forecast to be between $355 million and $375 million, while analysts are looking for $342.91 million in revenue. Non-GAAP operating margins are expected to increase approximately 14.3% to 15.3%.

The company said its revenue growth was primarily driven by strong demand for 100 GB/s transceivers, as well as wavelength selective switches. 

Additionally, telecom products sales jumped 29% year-over-year to $22 million. 

Separately, 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 has this to say about the recommendation:

The team rates Finisar as a Buy with a ratings score of B. This is driven by some important positives, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. Although the company may harbor some minor weaknesses, the team feels they are unlikely to have a significant impact on results.

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

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