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Neophotonics plunges: issues preliminary Q3 revenue, but will restate statements

  • NeoPhotonics (NPTN -20.7%) shares plunge after the company delayed its 10-Q filing due to a real estate registration tax of $0.5M that should have been expensed as an acquisition cost. Due to the mistake, NPTN will restate its statements for Q1 and Q2.
  • The company reports preliminary Q3 revenue of $76.8M (+16.1% Y/Y), slightly above consensus of $76.2M.
  • Management guides for Q4 revenue of $70M-$76M (vs. consensus of $76.1M) and gross margins of 24%-28%
  • It also announced that Deloitte has been appointed its independent auditor, replacing PwC.
  • Also hurting shares: yesterday's dour guidance from Cisco.
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