Avici Soars On Strong Q2

Avici Systems (AVCI) shares soared Thursday morning following a strong second quarter earnings report and an upward revision in guidance for the provider of telecommunications carrier equipment.

Revenue for the second quarter was $29.6 million, about twice what the Street had expected. Avici earned 86 cents a share in the quarter on a non-GAAP basis, or 82 cents GAAP. The sole estimate tracked by Thomson showed it earning 21 cents.

The company said it now sees full year revenue of $110 to $125 million; the sole estimate had it at $60 million. Reuters reports that the company had previously forecast revenue of $50 million to $60 million for the year.