- Finisar misses Street 3Q forecasts
SUNNYVALE, Calif. (AP) _ Finisar Corp. (FNSR) on Thursday reported fiscal third-quarter earnings of $46.4 million.
On a per-share basis, the Sunnyvale, California-based company said it had net income of 40 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 59 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The fiber optic component supplier posted revenue of $380.6 million in the period, also missing Street forecasts. Seven analysts surveyed by Zacks expected $389.1 million.
For the current quarter ending in April, Finisar expects its per-share earnings to range from 50 cents to 56 cents.
The company said it expects revenue in the range of $360 million to $380 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $376.8 million.
Finisar shares have climbed 15 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $34.90, more than doubling in the last 12 months.
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