On Wednesday, August 2, in the extended trading session, shares of Oclaro increased. Why? The increase occurred after the San Jose, California-based company surpassed Wall Street expectations for the quarter.

After hours, Oclaro Inc. (NASDAQ:$OCLR) shares rallied 6.8% to $9.75. In addition, the optical communications equipment company posted fiscal Q4 net income of $56 million (33 cents a share) compared to $11.8 million (9 cents a share) in the 2016 period.

In addition, Oclaro reported adjusted earnings of 20 cents a share. OCLR revenue increased to $149.4 million from $125.2 million in the 2016 period. According to analysts polled by FactSet, the estimate for Oclaro was 17 cents a share on revenue of $148 million. In regards to the first quarter, Oclaro forecasts revenue of $151 million to $159 million. On the other hand, analysts forecast revenue of $154.1 million.

All in all, Wednesday’s news is significant for anyone interested in the semiconductor industry.

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Author Caroline Harris

About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.