Avici Systems Inc. jumps on Q2 results and upgraded revenue guidance
Shares of Avici Systems Inc. (Nasdaq: AVCI) jumped in pre-market trading this morning after the high-speed core Internet infrastructure equipment provider reported results for its second quarter above estimates and raised revenue guidance.
For the three months ended June 30, the North Billerica, Mass.-company recorded net income of $12.7 million, or $0.86 per share compared with net income of $8.5 million, or $0.62 per share in the second quarter of 2006. One analyst surveyed by Thomson Financial expected earnings of $0.21 per share for the second quarter.
The small-cap company also raised revenue guidance for the full year to between $110 and $125 million. Avici Systems raised guidance based on final orders received for its router products, which include network expansion and customer last time purchases.
Shares of Avici Systems soared 22.92%, or $1.93, to $10.39 in pre-market trading this morning.
