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Corvis Rises in After-Hours Trading as Earnings Beat Targets

But all the firm's revenue came from Broadwing.

Corvis

(CORV) - Get Report

books revenue and sees its shares pop 18% in aftermarket trading.

The highflying optical-networking start-up recorded $22.9 million in revenue for the third quarter, marking the first recorded income in its short history. But all $22.9 million came from one customer --

Broadwing

(BRW)

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, which is also an investor in Corvis.

The company's pro forma net loss was $23.9 million, or 7 cents a share. This beat Wall Street expectations by 2 cents.

Corvis shares closed at $59.63 before leaping to $70 during after-hours trading Thursday.

Corvis makes optical switching and transport equipment for fiber-optic networks. The company's eye-popping debut was among the year's most dramatic

IPOs. Shares hit a high of $114 in August but have been on a steady decline since then as investors fled from some of networking's lesser-known names.

The company still sports a $20 billion

market capitalization despite its fall from grace.