Maynard co's earnings up 274% year-over-year
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Raj Shanmugaraj, president and CEO of Acacia Communications, said the company's recent IPO puts them in a good position for growth.
Acacia Communications, Inc. of Maynard reported triple-digit earnings and revenue growth in the same quarter that it completed its $103.5 million IPO.
The provider of high-speed coherent optical interconnect products reported net income of $17.5 million on the back of revenue of $116.2 million with each being up year-over-year by 274 and 101 percent respectively. These results are a result of the company’s position in the “high-growth” 100G plus optical networking market, Raj Shanmugaraj, president and CEO of Acacia Communications, said in a statement.
“We continue to see strong global demand for our products, driven by metro and inter-data center network infrastructure buildouts,” Shanmugaraj said.
John Gavin, CFO of Acacia Communications, said that the IPO the company completed in May gives substantial capacity to grow the business. The company raised $103.5 million in that public offering.
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