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Finisar misses amid double-digit revenue drop

Sep. 04, 2019 5:39 PM ETFNSR, COHRBy: Jason Aycock, SA News Editor
  • Finisar (NASDAQ:FNSR) fell short with fiscal Q1 earnings as revenues dropped by double digits.
  • On a non-GAAP basis, revenues dropped to $285M (also down 8% from Q4), with gross margin at 31.1%.
  • Operating margin was at 8.8% and net income dropped to $27.6M from last quarter's $32.96M.
  • On a GAAP basis, net loss narrowed to $8.7M from a year-ago loss of $18.5M.
  • In revenue details, the company said revenues for datacom applications fell 9% sequentially as a result of decline in VCSELs arrays for 3D applications amid lower demand.
  • Revenues for telecom applications fell 6.2% sequentially, mainly due to a decline in sales of wavelength selective switches.
  • The company's not holding conference calls or offering guidance during its pending acquisition by II-VI (NASDAQ:IIVI).
  • Press release

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