Fabrinet stock is at a record high price after the manufacturer revealed impressive fourth quarter and full year fiscal 2023 financial results after the bell on Monday.
Shares of Fabrinet had added $28.6% to US$150.18 shortly before noon on Tuesday.
The company is on track to close at a record high, above its previous all-time high closing price of US$137.86 on January 13, 2023.
Fabrinet provides advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex products.
A significant contributor to the company’s 4Q estimate-topping revenue was growth in its datacom revenue from an 800-gigabit AI data center transceiver program for one of its customers.
Fabrinet CEO Seamus Grady told investors on the company’s earnings call that the AI presented a “very significant opportunity” as Fabrinet looks to expand beyond one customer.
“We're very optimistic about our overall market position, including the potential for continued growth in AI-related programs as we look ahead,” he said.
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