Fabrinet (NYSE:FN) shares jumped more than 19% pre-market today, driven by the release of its Q4 financial results. The company reported earnings per share (EPS) of $1.86, surpassing the Street estimate of $1.80. The company’s revenue for the quarter amounted to $655.9 million, exceeding the Street estimate of $641.43 million.

Fabrinet’s CEO, Seamus Grady, noted that the quarter saw robust growth in Datacom revenue, primarily attributed to the introduction of new AI products. This growth managed to counteract the challenges arising from inventory adjustments among certain customers.

Looking ahead to the first quarter of fiscal 2024, Grady expressed optimism about the potential of new datacom programs to continue mitigating the impact of inventory absorption challenges in the industry.

Fabrinet anticipates revenue for Q1/24 to fall within the range of $650 million to $670 million. In terms of non-GAAP diluted EPS, the company’s projection lies within the range of $1.83 to $1.90.

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