Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Finisar - FNSR -- Ignore unavailable to you. Want to Upgrade?

To: FJB who wrote (374)	12/5/2009 9:53:32 AM
From: Kirk ©	Read Replies (1) \| Respond to of 509

Finisar shares plunge after 2Q earnings miss (AP) – 18 hours ago SUNNYVALE, Calif. — Shares plunged in Finisar Corp. on Friday after the networking-components maker reported lower-than-expected profit margins and fell short of expectations for the second quarter. Shares fell $1.15, or 11.8 percent, at $8.56 in afternoon trading. Finisar said late Thursday it posted a loss of $31.5 million in its fiscal second quarter to Nov. 1, compared with a loss of $189 million a year earlier. Adjusting for one-time items, earnings came to 11 cents per share, a penny shy of the average forecast of analysts polled by Thomson Reuters. Revenue fell 1.4 percent to $146 million, but was still above the forecast of $138 million. Meanwhile, adjusted gross margins fell to 29.6 percent from 32.7 percent. Morgan Keegan analyst Paul Bonenfant said profit margins were dragged down as the company shifted some production offshore, but he kept an "Outperform" rating on the shares with a fair value estimate at $14. He also raised earnings estimates for the fiscal year to 44 cents per share, from 36 cents. "The margin drag may pressure the stock, but estimates rise on the top-line strength," he wrote. Finisar said Thursday it expects revenue for the fiscal third quarter through Jan. 31 will range from $148 million to $158 million, which was ahead of estimates of $148 million. google.com