NEW YORK (
was a high flier late Monday after the Web infrastructure equipment maker trounced Wall Street's profit expectations by nearly doubling revenue on a sequential basis.
Shortly after the closing bell, Westford, Mass.-based Sonus reported earnings of $11.4 million, or 4 cents a share, on revenue of $83 million for the three months ended Dec. 31, well ahead of the average estimate of analysts polled by
for a loss of a penny per share in the December period on revenue of $65.1 million.
The stock was last quoted at $3.96, up 31%, on after-hours volume of 1.3 million, according to
The latest performance compared to a loss of $22.3 million, or 8 cents a share, on revenue of $42.7 million in the third quarter ended in September, and earnings of $10.3 million, or 4 cents a share, on revenue of $68.7 million in the year-ago equivalent period.
"These results reflect strength in all of our product platforms, giving us confidence regarding our strategy and future prospects," said Raymond Dolan, the company's president and CEO, in a statement. "We will continue to focus on execution in 2011 and bringing world class solutions to the marketplace."
Sonus also gave an outlook for fiscal 2011, forecasting total revenue ranging from $265 million to $285 million, and non-GAAP gross margin of 59-63%. Wall Street is currently calling for revenue of $290.5 million for the year.
Sonus shares are up more than 40% in the past year but the stock peaked at a 52-week high of $3.75 in early October. Wall Street was definitely in wait-and-see mode ahead of the report with six of the seven analysts covering the shares at hold and the median 12-month price target sitting at $3.
The shares haven't crested the $4 level in regular trading since August 2008 but they got as high as $4.13 in Monday's extended trades.
Written by Michael Baron in New York.
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