Fabrinet (NYSE:FN) shares surged more than 17% after-hours following the company’s reported Q4 results, with EPS of $1.86 coming in better than the consensus estimate of $1.80. Revenue was $655.9 million, beating the consensus estimate of $641.43M.
“During the quarter we saw very strong growth in datacom revenue, driven by new AI products, which more than offset anticipated headwinds from inventory adjustments at some customers,” said CEO Seamus Grady.
“As we look to the first quarter of fiscal 2024, we are optimistic that new datacom programs can continue to offset inventory absorption in the industry, and that we can extend our track record of strong execution,” added Grady.
For Q1/24, the company expects revenue in the range of $650M-$670M. Non-GAAP diluted EPS is expected to be in the range of $1.83-$1.90.