Finisar: Fiscal 1Q Earnings Snapshot
SUNNYVALE, Calif. (AP) _ Finisar Corp. (FNSR) on Thursday reported a fiscal first-quarter loss of $18.5 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Sunnyvale, California-based company said it had a loss of 16 cents. Earnings, adjusted for one-time gains and costs, came to 18 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.
The fiber optic component supplier posted revenue of $317.3 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $316 million.
For the current quarter ending in November, Finisar expects its per-share earnings to range from 19 cents to 25 cents.
The company said it expects revenue in the range of $315 million to $335 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $332.9 million.
Finisar shares have declined roughly 8 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $18.75, a drop of 15 percent in the last 12 months.