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Finisar Corporation shares nudge higher after Q2 earnings beat the Street

EPS grew by 13% year-on-year, comfortably beating consensus forecasts
Finisar Corporation shares nudge higher after Q2 earnings beat the Street
The company is a fiber optic specialist

Shares in Finisar Corporation (NASDAQ:FNSRwere firmer pre-market after the fiber optic specialist reported revenue and earnings ahead of Wall Street estimates.

Revenues grew by 2.5% to $332.1 million in the three months ended October, boosted by strong sales of components used in 3D technology.

READ: Finisar misses on first quarter earnings but Jeffries analysts hold out hope

This boosted per share earnings by 3 cents year-on-year to 26 cents, which was ahead of forecasts of around the 21 cents mark.

Gross profit margins improved, thanks primarily to a “favorable product mix”, said chief executive Michael Hurlston.

He added: “In addition, we were able to accelerate the process of improving efficiencies and reducing relative operating expense levels faster than expected. In combination, this led to increased earnings per share, exceeding the high end of our guidance range.”

At 9.22am, the stock was changing hands for $23.35, up 2.5% on Friday’s close.

 

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Article
December 11 2015

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