Finisar (NASDAQ:FNSR) saw its profit decline in the fourth quarter.
Earnings and Revenue Both EPS and revenues failed to meet Wall Street expectations as The company posted EPS of 14 cents a share and revenues of $239.9 million. Analysts were expecting EPS of 16 cents a share and revenues of $242.6 million.
Continue Reading Below
The company's net income for the quarter fell 23.6% to $12.5 million. Revenue climbed 1.3% from $236.9 million in the same period last year.
Company Fundamental Trends The company has now reported lower net income at least in each of the last four quarters. The company's revenue rose last quarter after falling 7.6% to $243 million in the third quarter.
History Against Expectations The company missed estimates last quarter after meeting expectations the quarter before. It reported net income of 17 cents.
Official Comment: "In our just completed fiscal fourth quarter, our revenues were $239.9 million. Continued strength in datacom revenues were offset by lower telecom revenues. The lower telecom revenues were primarily the result of sluggish carrier capital expenditures and the full three month impact of annual price reductions for telecom products. We were pleased that our gross margin for the quarter exceeded our guidance, resulting in earnings per diluted share which was at the upper end of our guidance range," said Jerry Rawls, Finisar's executive Chairman of the Board.
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.