Finsar earnings damage stock as revenue growth stalls
Finisar Corp. (FNSR) shares fell Thursday afternoon after the optical-networking reported earnings that showed stalled revenue growth and a weaker forecast than expected. Finisar reported a fiscal third-quarter net loss of $55.7 million, or 49 cents a share, on sales of $332.4 million, barely more than $332.2 million a year ago. After adjusting for tax changes, stock-based compensation and other effects, the company claimed earnings of 20 cents a share, down from 59 cents a share a year ago. Analysts on average expected Finisar to report adjusted earnings of 23 cents a share on sales of $333.2 million. For the fourth quarter, Finisar projected adjusted earnings of 9 cents to 15 cents a share on revenue of $300 million to $320 million. Analysts on average were expecting adjusted earnings of 21 cents a share on sales of $332 million in the fourth quarter. Finisar stock fell about 6.5% after earnings were announced, following a close at $20.22; shares have declined 41.5% in the past year, as the S&P 500 index has gained 15.4%.
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
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03-08-18 1612ETCopyright (c) 2018 Dow Jones & Company, Inc.