Applied Optoelectronics (NASDAQ:AAOI) grew third-quarter revenue 127% to $269.9 million, led by datacenter sales. Shares fell about 8% in after-hours trading. Profit is not keeping pace with sales. Gross margin is stuck near 28%, operations still lost money, and the GAAP profit came from other income. GAAP net income rests on $10.1 million of other income, because operations lost money. The largest piece, a line called "other income (expense), net," gets no explanation in the release. Gross margin barely moved even as revenue more than doubled. Ramping new transceiver lines usually costs yield, which holds margin down until volumes settle. Guidance for next quarter is 29.5% to 31% on a non-GAAP basis, only a modest step up.
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