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Acacia tumbles after earnings as optical networking companies face pressure
JeremyC. Owens
Technology Editor
Acacia Communications Inc. ACIA, -3.68% fell more than 10% in late trading Thursday after disclosing quarterly financial performance, the second consecutive day that an optical-networking company took a big post-earnings hit. The company reported a fourth-quarter net loss of $20.4 million, or 52 cents a share, on sales of $86.6 million, down nearly 40% from $142.4 million a year ago. After adjusting primarily for changes to the U.S. tax law and stock-based compensation, Acacia claimed earnings of 27 cents a share, down from 94 cents a share a year ago. Analysts on average had expected adjusted earnings of 25 cents a share on sales of $88.4 million. The company's forecast predicts more declines: Acacia sees adjusted earnings of a penny to 10 cents a share in the current quarter on sales of $67 million to $74 million, which would again be stark declines from the year-earlier period. Analysts on average were expecting first-quarter adjusted profit of 28 cents a share on sales of $93.2 million, according to FactSet. Acacia's decline comes a day after Applied Optoelectronics disappointed with its own earnings, and shares of that company declined more than 20% in Thursday trading. Optical-networking companies had been hot amid a data-center boom that required their products. Acacia shares closed Thursday at $41.84, down 37.2% in the past year. |
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