Mixed FQ3 results and ho-hum guidance spark a selloff in Finisar (FNSR -5.7%) - hopes of...
Friday, March 8, 1:21 PM ETMixed FQ3 results and ho-hum guidance spark a selloff in Finisar (FNSR -5.7%) - hopes of improving capex had raised expectations. Finisar is guiding for FQ4 revenue of $235M-$250M and EPS of $0.15-$0.19, in-line with a consensus of $241M and $0.17. Raymond James (Neutral) is encouraged management's hopes for 10%+ growth in CY13 and FY14, but is worried Finisar's telecom ops face "price pressure, wage pressure, and vertical integration" headwinds. On the earnings call, chairman Jerry Rawls insisted silicon photonics aren't at threat, while adding Finisar will "maybe" embrace the technology.
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