Cray (NASDAQ: CRAY) reported Q1 EPS of ($0.71), $0.21 worse than the analyst estimate of ($0.50). Revenue for the quarter came in at $59 million versus the consensus estimate of $55.28 million.

"As expected, we got off to a slower start to the year,” said Peter Ungaro, president and CEO of Cray. “While activity at the high-end of the supercomputing market continues to be relatively slow and our visibility remains limited, our competitive position remains strong. We were recently awarded several significant new contracts in the worldwide weather and climate segment — a market where our leadership position continues to expand. We also released our 2017 revenue outlook today which, driven by the ongoing market conditions, is significantly lower than where we finished 2016. Despite this, we continue to be confident in our ability to drive long-term growth over time.”

GUIDANCE:

Cray sees FY2017 revenue of $400-450 million, versus the consensus of $584.9 million.

Cray sees Q2 2017 revenue of $60 million, versus the consensus of $79.26 million.

For earnings history and earnings-related data on Cray (CRAY) click here.