Finisar Tanks Guidance (Again)
For its fourth quarter, which ended April 30, Finisar reported revenue of US$236.9 million and net income of $16.4 million, or 17 cents per share. (See Finisar Reports Q4.)
Analysts were expecting revenues of $242.8 million, according to Thomson Reuters . Non-GAAP net income of 33 cents per share matched the analyst consensus.
The big news, though, was that Finisar said its revenues for the first quarter, which ends in July, won't make the cut. Finisar expect revenues between $215 million and $230 million; analysts were expecting $252 million. The news halted trading of Finisar's shares as the market closed.
It's the second time in a row that Finisar's outlook has been a disappointment. Three months ago, the company told analysts that fourth-quarter revenues would be less than the $269 million they'd previously expected, signifying, among other things, an apparent slowdown in optical demand from China. That news drove the consensus prediction down to $242.8 million. (See OFC/NFOEC 2011: Finisar Drops the Bomb.)
— Craig Matsumoto, West Coast Editor, Light Reading