Viavi Stock Is Trending Overnight: Here's What You Should Know

Viavi Solutions Inc. (NASDAQ:VIAV) shares are trending on Wednesday night.

On Wednesday, VIAV shares jumped 25.17% to $56.99 after the bell after the network and optical technology company delivered fiscal third quarter results where earnings beat analyst estimates by 22.73% and revenue by 3.32%.

The results reported are for the period ended Mar. 28.

What Q3 Data Tells

Viavi’s net revenue in the third quarter hit $406.8 million, up 42.8% year-over-year. Non-GAAP earnings per share came in at $0.27, up 80% YoY, while non-GAAP operating margin expanded 430 basis points to 21.0%.

The network and service enablement segment led growth, surging 54.4% YoY to $321.5 million.

As of March 28, the company had $508 million in cash and short-term investments.

CEO Oleg Khaykin said, “VIAVI’s financial performance for the third quarter has exceeded our expectations, driven by strong growth in the data center and aerospace and defense end markets.”

Bullish Q4 Guidance Amplifies The Rally

Viavi projected fourth-quarter revenue in the range of $427 million to $437 million, with non-GAAP earnings per share expected between $0.29 and $0.31. This outlook helped strengthen investor confidence.

Trading Metrics, Technical Analysis

Viavi has a market capitalization of $10.54 billion, with a 52-week high of $45.90 and a 52-week low of $8.10.

VIAV's Relative Strength Index (RSI) is 62.38. Its short interest accounts for 8.96% of the float.

Last week, B. Riley Securities maintained a Buy rating on VIAV, raising its price target from $26 to $53.

Over the past 12 months, the technology stock has gained 332.38%.

Currently, VIAV is positioned close to its annual high.

VIAV's long-term trend and strong positioning suggest continued upside potential.

Price Action: According to Benzinga Pro data, the stock closed the regular session at $45.53, up 5.47%.

With a strong Momentum in the 98th percentile, Benzinga's Edge Stock Rankings indicate that VIAV is experiencing positive price trend across all time frames.

Photo courtesy: Thapana_Studio via Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.