Shares of fiber optic cable manufacturer Finisar plunged more than 22 percent Friday, after the company announced disappointing forecasts for its current quarter.
Sunnyvale, C.A.-based Finisar said it expects fiscal fourth-quarter earnings to fall within 50 to 56 cents per share, compared to a Thomson Reuters forecast of 58 cents. Revenue is also expected to miss estimates, as Finisar predicts to make between $360 million to $380 million for the fourth quarter, falling short of a $393 million Reuters forecast. The stock closed for the week hovering slightly below $27.
Earnings for the latest quarter also missed expectations.
For its third quarter ended Jan. 29, Finisar reported sales of $380.6 million, below a $389.6 million Reuters consensus estimate. The firm reported adjusted earnings of 61 cents a share, also missing a Reuters estimate by a penny.