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Avanex Surges

Shares jump after a solid performance.

Avanex (AVNX) swung to profit, beating targets, and guided in line for the current quarter.

The Fremont, Calif., optical networking system maker posted an adjusted profit of $2.1 million, or a penny a share, for its fiscal first quarter ended in September. Those numbers compare to a pro forma net loss of $7 million or 3 cents a share in the year-ago period.

Sales for the quarter were $54.7 million, up 7% sequentially and 7% on a year-over-year comparison. Analysts had expected the company to break even on an adjusted basis with $54.1 million in sales for the fiscal first quarter, according to Yahoo! Finance.

"The first quarter was an outstanding quarter for the company," CEO Jo Major, said in a press release. "We are positioned well for profitable growth and to take advantage of growing bandwidth demand," Major continued.

Looking ahead, Avanex expects sales of about $57 million in the fiscal second quarter ending in December, squarely in line with analysts' estimates.

Avanex shares surged 13 cents to $1.86 and networking rival

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