Shares of Bookham (BKHM) were among technology's biggest losers Monday, tumbling 25% after the optical-components maker lowered its third-quarter earnings and margin projections.
For the quarter ended April 1, the company estimates a gross margin of 10% to 12% and adjusted earnings before interest, taxes, depreciation and amortization of negative $10 million to $12 million. Previously, Bookham had projected a gross margin of 23% to 27% and adjusted EBITDA of $1 million to negative $3 million. The company put its revenue at $53 million, in line with its previous forecast of $51 million to $54 million. Analysts polled by Thomson First Call project sales of $52.5 million.
"Our third quarter financial results were negatively impacted by unexpected costs related to the final production at the Paignton, U.K., site, a change in product mix and lower semiconductor production volumes, which resulted in unfavorable manufacturing variances," the company said. Bookham plans to release its third-quarter results on May 4. Shares were down $2.16 to $6.58.
Infosys Technologies (INFY - Get Report) shares climbed 12% after the company posted big jumps in its fourth-quarter results and offered a first-quarter outlook that topped forecasts. The India-based information technology company earned $152 million, or 54 cents per American depository share, on revenue of $593 million. Analysts expected earnings of 55 cents an ADS. During the year-earlier quarter, the company earned $127 million, or 46 cents an ADS, on revenue of $455 million.For the first quarter, Infosys sees earnings of 56 cents to 57 cents a share, above analysts' projection of 55 cents. The company predicts revenue of $628 million to $633 million, compared with Wall Street's target of $618.9 million. Infosys shares were up $8.80 to $83.78. Shares of PacificNet (PACT) jumped 14% after the IT-services company posted fourth-quarter earnings that doubled from a year ago. The company earned $918,000, or 8 cents a share, up from a profit of $446,000, or 6 cents a share, a year earlier. Revenue rose to $13.4 million from $10.1 million.