Alliance Fiber Optic Raises Outlook; Stock Up - Quick Facts

(RTTNews) - Alliance Fiber Optic Products Inc. (AFOP) Tuesday raise its revenue outlook for the third quarter, sending its shares up 13 percent in after-hours trading on the Nasdaq.

The company now expects third-quarter revenue of above $22 million, up from prior range of $19.5 million to $20.5 million. This revenue level represents a 78% increase on a year-over-year basis.

"With increased demands for datacomm applications, customer orders have been stronger than expected," said CEO Peter Chang.

The company's stock closed Tuesday at $20.16, down $18.03 or 47.21%, on a volume of 796 thousand shares. In after hours, the stock gained $2.84 or 14.09%.