Oclaro ( OCLR ) shares plunged by double digits in extended trading Wednesday after the maker of optical devices for communications networks offered a revenue outlook for the December quarter that missed by wide margin.
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Oclaro said it expects fiscal second-quarter revenue of $139 million at its midpoint of guidance, down 10% from a year earlier, vs. consensus estimates of $159 million. Makers of optical devices have been pressured by slowing demand from China's telecom gear makers.
"Our near-term visibility includes continued softness in China, compounded by a recent slowdown in data center sales. Despite our reduced outlook, we expect to remain solidly profitable for the December quarter, which would serve as a further testament to our strong financial model," Chief Executive Greg Dougherty, said in a news release.
Oclaro said adjusted fiscal first-quarter earnings were 20 cents a share, up 43% from a year ago, with revenue rising 15% to $155.6 million, topping consensus estimates. A year earlier, Oclaro earned 14 cents a share on sales of $135.5 million.
Analysts expected Oclaro to report earnings of 18 cents on sales of $154.3 million for the period ended June 30. Shares plunged 14% to 6.90 in after-hours trading on the stock market today .
Acacia Communications ( ACIA ) reports earnings late Thursday. Acacia slipped 1% to 43 in late trading.