Finisar stock gains after earnings, outlook top expectations
Shares of Finisar Corp. were up 7.7% in after-hours trading Thursday after the optoelectronics company reported better-than-expected July-quarter results and delivered an earnings forecast that exceeded analyst projections. The company posted a net loss of $18.5 million, or 16 cents a share, compared with net income of $19.9 million, or 17 cents a share, in the year-ago period. Adjusted earnings fell to 18 cents from 40 cents. The FactSet consensus called for 12 cents. The company reported revenue of $317.3 million, which was down from $341.8 million a year earlier but slightly ahead of the $315.8 million FactSet projection. Finisar expects revenue of $315 million to $335 million for its fiscal second quarter, while analysts were expecting $333 million. The company projects adjusted earnings per share of 19 cents to 25 cents, compared with the FactSet consensus of 18 cents. Finisar shares were down 15% over the past 12 months, as of Thursday's close, while the S&P 500 had gained 17%.
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