Finisar grows Q1 revenue
Finisar, an optoelectronics company focused on communications, has announced financial results for its first quarter of fiscal 2019, ended July 29, 2018.
"Revenues grew over the prior quarter and exceeded the mid-point of our guidance range, primarily driven by strength in demand for our wavelength selective switches. Gross margin also improved over the prior quarter and exceeded our guidance range due to favourable product mix," said Michael Hurlston, Finisar's CEO.
He added: "In addition, we were able to accelerate the process of bringing more focus to our product development efforts, which allowed the company to reduce relative expense levels faster than expected. In combination, this led to better earnings per share, exceeding the high end of our guidance range."
Finisar indicated that for the second quarter of fiscal 2019 it currently expects revenues in the range of $315 to $335 million, non-GAAP gross margin of approximately 28 percent, non-GAAP operating margin of approximately 7-8 percent, and non-GAAP earnings per fully diluted share in the range of approximately $0.19 to $0.25.