Avanex Cut Guidance

Avanex (AVNX Quote) met targets but guided lower.

The optical networking systems maker posted an adjusted profit of $2.4 million or a penny a share in the fiscal second quarter ended last month. Those numbers were mostly flat with the prior quarter and up from a loss of $3.5 million or 2 cents a share a year ago.

Sales for the quarter were $52 million, down 5% from the $54.7 million level in the prior quarter and 7% below the year-ago period.

Analysts had expected a penny in pro forma profit on $52 million in sales, according to Yahoo Finance.

"During the second quarter we demonstrated strength in our core business, achieved solid gross margins and generated over $6 million in cash from operations," CEO Jo Major said in a press release.

Looking ahead, Avanex expects sales in the fiscal third quarter to be about $48 million. Analysts had been expecting about $52 million in revenue.

Avanex shares closed at 95 cents Thursday.