A month has gone by since the last earnings report for Adtran (ADTN). Shares have added about 13.9% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Adtran due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. ADTRAN Q3 Earnings Beat Estimates, Revenues Jump Y/YADTRAN reported impressive third-quarter 2020 results, with the bottom and the top line increasing on a year-over-year basis. Despite COVID-19 woes, accretive customer base and higher revenues from the Network Solutions segment on the back of software innovations boosted the performance.Bottom LineOn a GAAP basis, net income for the September quarter was $5.5 million or 11 cents per share against a net loss of $46.1 million or loss of 96 cents per share in the year-ago quarter. The drastic improvement was primarily driven by an operating income and lower income tax.Non-GAAP net income came in at $7.9 million or 16 cents per share against a net loss of $2.8 million or loss of 6 cents per share in the prior-year quarter. The bottom line beat the Zacks Consensus Estimate by 9 cents.RevenuesQuarterly revenues amounted to $133.1 million compared with $114.1 million in the year-earlier quarter. The 16.7% year-over-year jump was primarily driven by higher revenues from the Network Solutions segment. Solid customer traction with broad-based growth of market segments despite the COVID-19 mayhem also played a vital role. However, the top line lagged the consensus estimate of $134 million.Sales from the Network Solutions segment came in at $115.2 million compared with $94 million in the prior-year quarter. The 22.6% year-over-year increase was mainly bolstered by latest fiber access advancements on the back of favorable technology and competitive factors. However, sales from the Services & Support segment were $17.9 million, down 10.8% from $20.1 million in the year-ago quarter.Other DetailsTotal cost of sales increased from $67.8 million to $74.2 million. Gross profit came in at $59 million compared with $46.3 million in the prior-year quarter. Operating income for the quarter was $4.5 million against an operating loss of $20.3 million in the year-ago quarter.The company announced that its board of directors approved a quarterly cash dividend of 9 cents per share to shareholders on record as of Nov 17, payable on Dec 1.Cash Flow & LiquidityIn the first nine months of 2020, ADTRAN utilized $5.3 million of net cash in operating activities against $10.1 million of net cash generated from operating activities in the year-ago period. As of Sep 30, the networking equipment maker had $71.1 million in cash and cash equivalents with $107 million of total current liabilities.Going ForwardDespite challenging macroeconomic conditions triggered by the COVID-19 pandemic, ADTRAN emerged as a strong player and witnessed robust demand in service provider markets. The company continues to optimize its customer, geographic and product diversity momentum as communications service providers scale up their network capabilities.The company added 38 new service provider customers during the quarter and has been selected by numerous Tier 1 operators for its diversified portfolio of software-defined access, fiber extension and 10G PON solutions. Moreover, its strategy of diversification across the globe along with technological advancements instills confidence.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ADTRAN, Inc. (ADTN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research