Finisar (NASDAQ: FNSR) reported Q1 EPS of $0.38, $0.08 better than the analyst estimate of $0.30. Revenue for the quarter came in at $341.3 million versus the consensus estimate of $332.75 million.

"I am pleased to announce that Finisar achieved record revenues for our first quarter of $341.3 million, an increase of $22.5 million, or 7.1% compared to the prior quarter. This growth was primarily driven by strong demand for 100Gb/s transceivers in CFP, CFP2, CFP4, and QSFP28 form factors. In addition, demand for wavelength selective switches was strong. Our gross margins improved significantly due to favorable product mix and leverage of our vertically integrated manufacturing infrastructure over the larger volume. The combination of revenues being at the higher end of our guidance range and better than expected gross margins resulted in earnings per fully diluted share exceeding the upper end of our guidance range," said Jerry Rawls, Finisar's Chief Executive Officer.

GUIDANCE:

Finisar sees Q2 2017 EPS of $0.44-$0.50, versus the consensus of $0.32. Finisar sees Q2 2017 revenue of $355-375 million, versus the consensus of $342.9 million.

For earnings history and earnings-related data on Finisar (FNSR) click here.