Acacia Communications  (ACIA) may be down from its $127 per share summer peak but at $74 the optical networking provider's stock is still more than triple its May initial public offering price. And while the stock may have cooled off slightly, demand for its connectivity products remains red hot, said the company's CEO Raj Shanmugaraj.

"Customers around the globe continue to want higher bandwidth connectivity and we see no signs of that slowing in the near future," said Shanmugaraj.

Last week Acacia reported third-quarter net income of $34.9 million. On a per-share basis, the Maynard, Mass.-based company said it had profit of 86 cents, or $1.01 per share adjusted for stock option expense, ahead of Wall Street expectations of 82 cents per share. The networking equipment maker posted revenue of $135.3 million in the period, up 107% year-over-year.

For the current quarter ending in December, Acacia expects its per-share earnings to range from 85 cents to 92 cents. The company said it expects revenue in the range of $136 million to $141 million for the fiscal fourth quarter.

One of the big worries about Acacia on Wall Street is its concentrated customer base, something Shanmugaraj said is a priority for the company. During the past Acacia has grown its customer list from eight in 2011 to more than 25. In the third quarter revenue from Acacia's newer customers rose 37% sequentially compared to 11% sequential growth from its original eight customers.

"The total universe of tier-one customers is limited so we are increasing our share within this customer base," said Shanmugaraj.

If you liked this article you might like

Why Intel, Nvidia and Others Are Seeing Their Sales to Cloud Giants Soar

5 Big Takeaways From the Onslaught of Tech Earnings Reports

5 Key Takeaways From Recent Tech Earnings Reports

Acacia Communications Hasn't Hit Bottom

Acacia Communications Hasn't Hit Bottom