Shares of nLIGHT Inc. jumped 22% on Friday after the laser maker reported record product margins and forecast sharply higher fourth-quarter revenue, driven by demand from U.S. defense programs.

nLIGHT shares rose $6.48, or 22.07%, to $35.82 in Friday trading, valuing the company at about $2.1 billion.

The Camas, Washington-based company, which makes high-power lasers for directed energy, optical sensing and advanced manufacturing, reported its third-quarter results Nov.........

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