Finisar (FNSR) Warns Again With Q4 Results, Shares Plunge
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Finisar Corp. (Nasdaq: FNSR) can't seem to get it right. While the company reported record annual revenues for their past fiscal year they warned of weaker than expected results for the first quarter of the current fiscal year.
The fiber optics company reported fourth quarter revenues of $236.95 million, up from $188.49 million last year but just shy of the Wall Street consensus of $242.95 million. Non-GAAP earnings for the quarter was 33 cents, in-line with the analyst estimate of 33 cents.
Most troubling was the first quarter guidance. The company now sees Q1 revenues of $215-$230 million, which is below the Wall Street consensus of $253 million. The company sees non-GAAP earnings of 17 to 21 cents, versus the consensus of 37 cents.
This is the second quarter in a row the company is lowering guidance. In March, with third quarter results, the company warned for the fourth quarter citing a slowdown in China.
The news is sending shock-waves through the optical sector with stocks of peers lower. Oclaro (Nasdaq: OCLR) is down about 4 percent. JDS Uniphase (Nasdaq: JDSU) is down 3.5 percent.
After dropping 7 percent during normal market hours, shares of Finisar fell another 10 percent following the news.
The fiber optics company reported fourth quarter revenues of $236.95 million, up from $188.49 million last year but just shy of the Wall Street consensus of $242.95 million. Non-GAAP earnings for the quarter was 33 cents, in-line with the analyst estimate of 33 cents.
Most troubling was the first quarter guidance. The company now sees Q1 revenues of $215-$230 million, which is below the Wall Street consensus of $253 million. The company sees non-GAAP earnings of 17 to 21 cents, versus the consensus of 37 cents.
This is the second quarter in a row the company is lowering guidance. In March, with third quarter results, the company warned for the fourth quarter citing a slowdown in China.
The news is sending shock-waves through the optical sector with stocks of peers lower. Oclaro (Nasdaq: OCLR) is down about 4 percent. JDS Uniphase (Nasdaq: JDSU) is down 3.5 percent.
After dropping 7 percent during normal market hours, shares of Finisar fell another 10 percent following the news.
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