Acacia Communications grows Q1 revenue 44%
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The Maynard headquarters of Acacia Communications at Mill & Main.
Acacia Communications said its first quarter revenue grew by 44% from last year’s first quarter and made $7 million in profit after reporting a $9 million loss last year.
The Maynard-based fiber optic equipment manufacturer said its revenue for the quarter was $105.2 million compared to about $73 million from the first period of 2018.
The company said those figures exceeded the high end of its revenue guidance.
“Our continued investment in industry leading coherent technologies has helped us develop a broad portfolio of products that address the needs of network operators from edge to submarine networks,” President and CEO Raj Shanmugaraj said in a statement. “We believe we are well positioned to benefit from the adoption of coherent technologies in shorter-reach pluggable interfaces.”
Despite the improvements, however, shares of the company’s stock dropped more than 4% at Friday’s open at the NASDAQ stock exchange.
The company’s financial and market value has rebounded significantly since Chinese company ZTE was allowed back into U.S. commerce last year.
The company’s stock has more than doubled since the U.S. announced ZTE would be banned last April, ending trading on April 16, 2018 at $26.43 a share. Despite Friday’s decline, shares were still selling for more than $57, and the company was valued at more than $2.3 billion.
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