×

Acacia shares spike after raising earnings guidance

Servers in computer room
Martin Bureau | AFP | Getty Images

Acacia Communications shares spiked more than 13 percent in Wednesday mid-day trade after the communications company raised its third-quarter preliminary revenue estimate.

The stock later pared its gains, but still ended the day 11 percent higher.

The company now projects adjusted earnings of between 83 cents and 90 cents per share on expected revenue of between $130 million and $133 million, above expectations of earnings of 74 cents per share on revenue of $129 million, according to analysts polled by Thomson Reuters.

Separately, the company commenced a follow-on public offering of 4.5 million shares of its common stock on Tuesday.

Five-day performance of Acacia Communications

-- CNBC's Antonio José Vielma contributed to this report.