Investors gave an $800 million boost to Acacia Communications overnight after the Maynard, Massachusetts networking technology firm reported significant increases on Thursday in both revenue and net income for its latest quarter.
Shares in the company were up 33 percent to about $90 on Friday late afternoon, bringing its current market capitalization to $3.13 billion.
In its first investor earnings call since going public in May, the company reported that it doubled revenue to $116.2 million for the quarter ending June 30 compared to the corresponding quarter in 2015. It also nearly quadrupled net income to $17.6 million over the corresponding period.
The company, which employs about 230, offers networking technology that increases computing bandwidth. It supplies its technology to equipment makers, which in turn supply Internet service providers such as Comcast and Verizon with their products. Acacia is keeping the names of its customers confidential, but company executives says its customers are the world’s largest network equipment manufacturers, including Chinese tech firm ZTE Corp., which is one of the top five equipment providers in the world.
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