Finisar Down 6% AH On Soft Revs, Lowered Guidance

Dec. 1.06 | About: Finisar Corporation (FNSR)

Finisar (NASDAQ:FNSR) on Thursday afternoon reported revenue for the fiscal second quarter ended October 29 of $108.2 million, which was slightly shy of the $110 million the Street had expected. The company also forecast that third quarter revenue will be between $108 million and $112 million, Reuters reported; the Street had been looking for $114 million and change.

Finisar, which makes optical networking components, also said that it had started a voluntary review of its historic stock options granting practices. “Based on the preliminary results of the review,” the company said in a statement, “senior management has concluded, and the Audit Committee agrees, that it is likely that the measurement dates for certain stock option grants differed from the recorded grant dates for such awards and that the Company will likely need to restate its historical financial statements to record non-cash charges for compensation expense relating to some past stock option grants.”

Due to the options probe, the company reported only limited financial data for the quarter.

Yesterday, Finisar announced that its CFO, Stephen Workman, was taking a medical leave of absense.