Oclaro Earnings: Here’s Why the Stock is Falling Hard Now
Oclaro, Inc. (NASDAQ:OCLR) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down over 6%.
Oclaro, Inc. Earnings Cheat Sheet
Results: Net loss decreased -25.72% to $23.1 million (-0.28 cents per diluted share) in the quarter versus a net loss of $31.1 million in the year-earlier quarter.
Revenue: Rose 84.41% to $159.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Oclaro, Inc. reported adjusted net loss of -0.28 cents per share. By that measure, the company missed the mean analyst estimate of -0.25 cents. It beat the average revenue estimate of $154.28 million.
Quoting Management: “Our financial results for the second quarter of fiscal 2013 demonstrate the progress we are making after the merger,” said Alain Couder, chairman and CEO. “Our revenues were at the top-end of guidance and we have successfully executed to the planned synergies on schedule. We also took action to strengthen our balance sheet. Looking ahead, market and economic conditions remain uncertain in a typically softer March quarter. As a result, our efforts will remain focused on reducing operating expenses and improving margin, as well as capitalizing on our new product introductions and strong customer relationships to maximize revenues.”
Revenue increased 7.18% from $148.81 million in the previous quarter. Net loss increased 145.48% from $9.41 million in the previous quarter.
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(Company fundamentals provided by Xignite Financials.)