What happened Shares of Electro Scientific Industries (NASDAQ: ESIO) have skyrocketed today, up by 29% as of 11:45 a.m. EDT, after the company reported fiscal second-quarter earnings. The results came in strong across the board. So what Revenue in the fiscal second quarter totaled $71 million, with GAAP net income of $4.3 million, or $0.12 per share. On a non-GAAP basis, net income was $13.7 million, or $0.39 per share. Gross margin expanded to 37.4%, despite asset impairment and inventory charges related to the company's restructuring and product portfolio "pruning activities." Image source: Getty Images. Electro Scientific Industries is shifting its cost structure toward a higher proportion of variable costs. Now what "We delivered a quarter of strong financial results, with revenues more than doubling from one year ago, higher gross margin, lower fixed expenses, and strong earnings," said CEO Michael Burger in a statement. "We are in an extraordinary time as we have seen a near-term inflection in growth for flexible circuit drilling equipment as a result of new materials, technologies, and applications for flexible circuits. During the quarter we received several large orders for our industry-leading 5335 series of flexible circuit drilling products. Combining our flex demand with excellent performance across our other product categories resulted in total orders for the quarter of $128.9 million." Electro Scientific Industries closed the quarter with total cash of $81.9 million. In terms of guidance, the company expects sales in the fiscal third quarter to be in the range of $80 million to $90 million, with non-GAAP earnings per share of $0.48 to $0.60. 10 stocks we like better than Electro Scientific IndustriesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Electro Scientific Industries wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of October 9, 2017Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.