JDSU’s stock soared more than 30 percent this morning on the heels of the company’s second-quarter 2008 earnings report, which was released yesterday.

JDSU, which makes broadband and optical networking gear, reported a second-quarter net income of $21.2 million, or 9 cents per share, down from the $23.2 million, or 10 cents per share, reported in the year-ago quarter, but up from a net loss of $6.9 million, or 3 cents per share, in the first quarter of 2008.

Net revenues for the second quarter were $399.2 million, compared with revenues of $356.7 million in the first quarter of 2008 – an increase of 12 percent sequentially.

“In Q2, we saw across-the-board financial metric improvement as we achieved our near-term operating model goals,” said Kevin Kennedy, JDSU’s CEO. “Also, for the fourth-consecutive quarter, the company was free cash flow positive. Looking forward, JDSU remains focused on innovation and continuous improvement of our business model.”

For the third quarter of 2008, ending March 29, JDSU expects net revenues to be in the range of $380 million to $402 million.

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