Oclaro -5.8% AH on light FQ1 outlook

Though Oclaro's (NASDAQ:OCLR) FQ4 revenue was roughly in-line, it's guiding for FQ1 revenue of $83M-$91M, below a $99.3M consensus.

The optical component vendor says a "decline in 40G and lower-speed legacy products" is expected to hurt FQ1 sales. JDS Uniphase offered weak guidance yesterday (soft carrier spending was blamed), and Cisco reported an 11% Y/Y drop in service provider product orders this afternoon.

Gross margin rose to 14.1% in FQ4 from 12.3% in FQ3 and 7.3% a year ago. That helped EPS beat estimates, as did cost cuts: GAAP R&D spend -15% Y/Y to $15M, SG&A -23% to $14M (compares with 0.5% revenue growth).

The $18.5M sale of Oclaro's industrial/consumer product unit to Japan's Ushio Opto is expected to close during FQ2.

FQ4 results, PR

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