Tellabs Up On Beat-And-Raise Q1

Tellabs (TLAB) shares are trading higher this morning on a strong Q1 report.

For Q1, the networking equipment company posted revenue of $380 million, up 5% from a year ago, and ahead of the Street at $371.5 million. Non-GAAP profits of 11 cents a share beat the Street at 9 cents. GAAP gross margin was 50.7%, up from 44.2% a year ago.

For Q2, the company sees revenue up 10%-12% sequentially, which implies $418 million to $426 million, well ahead of the Street at $388 million. The company sees gross margin in Q2 flat with Q1; for the full year, TLAB sees gross margin in the high 40s.

The company sees non-GAAP operating expenses in Q2 up in dollars from Q1, but down as a percentage of revenue.

TLAB this morning is up 91 cents, or 11.1%, to $9.13.