Viavi Solutions' stock surged 5.61% in pre-market trading, extending gains after the company's recent financial results.

The company reported fiscal third-quarter earnings that significantly exceeded market expectations, with non-GAAP earnings per share of $0.27 compared to the consensus estimate of $0.23, representing an 80% year-over-year increase. Non-GAAP net income reached $67.6 million, surging 99.4% from the same period last year.

Additionally, Viavi issued robust fourth-quarter guidance, projecting net revenue between $427 million and $437 million and non-GAAP EPS in the range of $0.29 to $0.31. Investment bank B. Riley dramatically raised its price target on the stock from $26 to $53 while maintaining a Buy rating, contributing to the positive sentiment.