Broadband equipment maker Calix is rallying on its first post-IPO earnings release, after it announced that revenue increased 50%.
The company announced revenue for the second quarter of 2010 of $71.7 million, an increase of 50% from revenue reported for the second quarter of 2009 of $47.8 million. It also booked a GAAP net loss of $3.2 million, or pro forma $(0.09) per share, compared to a GAAP net loss of $8.8 million, or pro forma $(0.33) per share, reported for the second quarter of 2009.
In the pre-market, the stock was bid at around $11.75, which would be a 10% gain over yesterday’s closing price of $10.80.
[Editor’s update: Though the stock initially rallied, it later sold off on the conference call when the company issued weaker-than-expected guidance. Read our update here.]
Calix President and CEO said the results were due to gains in braodband sales and that the results represent gaining “momentum.”
Calix is the beneficiary of several trends, among them the demand for broadband access brought about by mobile and the expansion of Web and video applicatoins, as well as a boost to the rural broadband market brought about by the broadband stimulus package from the government.