Cray Shares Down 17% On Company's Larger-than-expected Quarterly Loss

Cray Inc. shares plunged late Tuesday as the supercomputer maker reported a larger-than-expected quarterly loss and lower sales. Cray said its net loss for the second quarter reached $13.1 million, or 33 cents a share, versus a net income of $5.8 million, or 14 cents a share, in the second quarter of 2015. Adjusted for one-time items, Cray's net loss was $11.4 million, or 29 cents a share, compared with $12.4 million, or 30 cents a share, a year ago. Revenue reached $100.2 million, which compares with $186.2 million in the second quarter of 2015. Analysts surveyed by FactSet had expected the company to report a loss of 25 cents a share on sales of $102 million. Shares of Cray lost 17% in the late session, after ending the regular trading day down 0.9%.