Finisar Shares Up 11 Percent on Higher Q1 Optical Chip Sales
Shares of $405 million (market cap) optical component maker Finisar (FNSR) are up 13 cents, or 11 percent, today at $1.31, after the company announced sales and profit last night that beat estimates following Finisar’s merger with fellow component maker Optium, announced back in May.
Finisar reported sales of $128.7 million for the first fiscal quarter ended Aug. 3, above estimates of about $122 million, and profit of 4 cents a share, a penny ahead of estimates. That was a 22 percent jump, year over year, and was also ahead of Finisar’s original forecast of revenue in a range of $120 million to $125 million.
