Sycamore Networks fiscal 3Q loss flat; shares rise
Sycamore Networks Inc., a Chelmsford company focused on optical networking products, said that its fiscal third-quarter loss remained flat as revenue rose but interest and other income declined year over year.
The results were better than analysts expected, and Sycamore shares rose 38 cents, or 12 percent, to $3.56 in afternoon trading.
For the quarter that ended April 25, Sycamore's loss totaled $2.7 million, or a penny per share.
When excluding items, the company broke even on a per-share basis. Analysts polled by Thomson Reuters, who typically exclude items from their estimates, expected a loss of 3 cents per share.
Revenue rose nearly 10 percent to $23 million, much higher than the $11 million analysts were looking for.
The company's interest and other income fell 56 percent to $3.8 million. (AP)