Investing.com - Finisar Corporation's (NASDAQ:FNSR) shares were lower on Friday, with investors selling off some of their positions in reaction to the company’s lowered current (second) quarter guidance.
The company lowered its guidance during Thursday’s after hours session when reporting its first quarter earnings. First quarter earnings were in line with expectations although revenues declined versus the comparable quarter.
First quarter earnings were $0.40 per share while revenue was $341.8 million, $0.56 million better than the consensus analyst forecast.
Looking to the second quarter, Finisar is expecting revenues of $322 million-$342 million, below the analyst consensus for $370.3 million. It's forecasting non-GAAP gross margin of 33-34% and operating margin of 10-11%.
Finisar's shares were down over 5% in afternoon trade.