Why Coherent Shares Are Rising Today
Portfolio Pulse from Nabaparna Bhattacharya
Coherent Corp. (NYSE:COHR) shares rose in premarket trading after surpassing Wall Street's second-quarter sales and EPS estimates. The company reported sales of $1.131 billion and an adjusted EPS of $0.36, both exceeding expectations. Despite a decline in non-GAAP gross profit and margins, Coherent enjoyed solid orders for AI/ML-related Datacom transceivers and is progressing towards the launch of 1.6T transceivers. The company also revised its fiscal year 2024 revenue and EPS outlook upwards.
February 06, 2024 | 11:43 am
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Coherent Corp. shares rose after reporting Q2 results that exceeded Wall Street expectations and revising its FY2024 outlook upwards.
Coherent Corp.'s stock price is likely to rise in the short term due to the positive earnings report and upward revision of the fiscal year 2024 outlook. Beating Wall Street's expectations typically results in positive investor sentiment, driving up the stock price. The announcement of solid orders for AI/ML-related Datacom transceivers and progress towards the launch of 1.6T transceivers further supports the positive outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100