Finisar Announced Second Quarter Financial Results

Finisar Corporation (NASDAQ: FNSR) announced financial results for the second quarter.  “I am pleased to report that revenues grew over the prior quarter and gross margins also improved over the prior quarter and were above our guidance estimate, primarily due to favorable product mix and continued focus on reducing manufacturing overhead,” said Michael Hurlston, Finisar’s Chief Executive Officer.  “In addition, we were able to accelerate the process of improving efficiencies and reducing relative operating expense levels faster than expected.  In combination, this led to increased earnings per share, exceeding the high end of our guidance range.”

Revenues increased by USD 8.1 million, or 2.5%, compared to the first quarter of fiscal 2019, as a result of increased sales of wavelength selective switches and VCSEL arrays for 3D applications.  GAAP gross margin improved from 25.4% in the first quarter to 26.3%, primarily due to favorable product mix and continued focus on reducing manufacturing overhead.  GAAP operating expenses decreased from 30.4% of revenue in the first quarter to 27.6%, as we were able to accelerate the process of improving efficiencies and reducing relative operating expense levels faster than expected.  Non-GAAP operating expenses decreased from 21.5% of revenue in the first quarter to 19.5%, which is within the range of our operating model target of 18 to 20%.   GAAP operating loss decreased USD 11.6 million, or 73.8%, compared to the first quarter.  Non-GAAP operating income increased USD 9.8 million, or 51.9%, compared to the first quarter.

2 Comments
  1. Oliver Renick 10 months ago
    Reply

    $FNSR attempting continuation toward new all time highs.

    • Vanessa Louie 10 months ago
      Reply

      not that impressive, on a green market this can barely hold above prev. close.

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