(Updates with the stock move in the headline and the first paragraph)

Viavi Solutions (VIAV) shares rose 23% in Thursday's premarket activity after the firm overnight reported a stronger-than-expected surge in fiscal Q3 earnings and sales, and its guidance for the next quarter was also above consensus.

The company reported fiscal Q3 non-GAAP earnings late Wednesday of $0.27 per diluted share, up from $0.15 a year earlier.

Analysts surveyed by FactSet expected $0.23.

Net revenue for the quarter ended March 28 was $406.8 million, compared with $284.8 million a year earlier.

Analysts polled by FactSet expected $393.8 million.

The firm said it expects fiscal Q4 non-GAAP EPS of $0.29 to $0.31 on net revenue of $427 million to $437 million.

Analysts expect $0.24 and $402.2 million, respectively.

Price: 56.00, Change: +10.47, Percent Change: +23.00