[December 02, 2010] Finisar shares surge on strong 2Q results Tweet (Associated Press Via Acquire Media NewsEdge) NEW YORK -- Shares of Finisar Corp. got a boost Thursday after the maker of optical networking equipment posted stronger-than-expected results for its fiscal second quarter thanks to growing demand. The company also gave a higher-than-expected forecast for the current period. Its adjusted earnings of 44 cents per share sailed past Wall Street's expectations of 38 cents, and its revenue of $240.9 million _ a 65 percent increase from last year _ also handily beat forecasts. Shares of the Sunnyvale, Calif.-based company rose $2.56, or 13 percent, to $22.33 in morning trading. Finisar's customers include Cisco Systems Inc., Hewlett-Packard Co. and IBM Corp. Its products enable high-speed data communications over local area networks (such as the computer networks of schools or businesses), as well as metropolitan area networks. Jefferies analyst William Choi said the company's new product pipeline "looks promising" but he kept a "Hold" rating and a $20 target price on Finisar's shares saying he sees the potential for inventory build-up by its customers. . (c) 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. [ Back To TMCnet.com's Homepage ]