Finisar Earnings Miss; Will Expand 3D Manufacturing, Shares Up

Finisar (FNSR) late Thursday reported October quarter profit that missed views and forecast current quarter earnings below expectations, but it announced plans to expand manufacturing of 3D sensors for consumer and automotive customers.

Shares in Finisar, a maker of optical communications devices software, rose 4% to 18.75 in after-hours trading on the stock market today. In Thursday’s regular session, shares rose 3% to 18.62.

Finisar said fiscal second-quarter adjusted earnings were 23 cents a share, down 60% from a year ago, with revenue falling 10% to $332 million, amid weak demand from China. Analysts expected Finisar to report earnings of 30 cents on sales of $331 million for the period ended Oct. 29.

Finisar said it has acquired a new manufacturing facility in Texas to expand  production of 3D sensors in the second half of 2018. The company said it began making 3D sensors for an undisclosed customer in the October quarter.  Rival Lumentum Holding (LITE) has ramped up 3D sensor manufacturing for a customer believed to be Apple (AAPL).

In the January quarter, Finisar forecast profit of 24 cents a share and revenue of $335 million at its midpoint of guidance vs. consensus estimates of 33 cents and $345 million.

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