11 September 2019
For fiscal first-quarter 2020 (ended 28 July 2019), fiber-optic communications component and subsystem maker Finisar Corp of Sunnyvale, CA, USA has reported revenue of $285m, down 8.1% on $310.1m last quarter and 10.2% on $317.3m a year ago.
Datacom product sales fell by $19.4m (8.9%) on last quarter, due mainly to lower demand for vertical-cavity surface-emitting laser (VCSEL) arrays for 3D sensing applications resulting from the timing of the new product cycle of a key customer, as well as lower sales of fiber-channel transceivers.
Telecom product sales fell by $5.6m (6.2%) on last quarter, due mainly to a decline in sales of wavelength-selective switches (WSS).
On a non-GAAP basis, gross margin has risen further, from 27.5% a year ago and 30.8% last quarter to 31.1%.
Operating expenses have been cut further, from $68.3m a year ago and $64.6m last quarter to $63.6m.
Net income was $27.6m ($0.23 per diluted share), up from $21.3m ($0.18 per diluted share) a year ago but down from $33m ($0.27 per diluted share) last quarter. During the quarter, cash and cash equivalents rose from $814.2m to $882.3m.
In August CEO Michael Hurlston resigned, as expected prior to Finisar’s pending acquisition by optoelectronic component maker II-VI Inc of Saxonburg, PA, USA (announced last November), which remains under review by China’s State Administration for Market Regulation (SAMR).
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