NEW YORK (TheStreet) -- Shares of Finisar (FNSR) rose on heavy volume in Thursday's afterhours action after the Sunnyvale, Calif.-based optical communications equipment maker gave a bullish financial forecast.
After the closing bell, the company said it now expects revenue of $240 million to $241 million for its fiscal second quarter ended Oct. 31, well above both its previously projected range of $215 million to $230 million, and Wall Street's current consensus estimate of $223.7 million. It also offered up a positive preliminary view for the current third quarter, projecting revenue ranging from $247 million to $262 million, also ahead of analyst expectations of $231.5 million.
Citing the higher revenue and a favorable product mix, Finisar expects its margins to also come in better than expected, and forecast non-GAAP [generally accepted accounting principles] earnings of 41 to 43 cents a share for the October period vs. the average estimate of analysts polled by Thomson Reuters for a profit of 34 cents a share.
Finisar shares were last quoted at $20.33, up 13.4%, on volume of nearly 350,000, according to Nasdaq.com.The stock closed the regular session at $17.93, down about 6% as part of the collateral damage from Cisco Systems' (CSCO) mediocre outlook, but it was still up about 112% year-to-date at that level. The 52-week high for the shares is $21.44, which was reached on Oct. 15.A big mover to the downside in late trades was DynaVox (DVOX), which was quoted at $4.62, off 20.6%, on volume of almost 90,000 shares. The catalyst for the sell-off was commentary accompanying the company's fiscal first-quarter report saying the weak demand leading to a 11% year-over-year decline in sales for the three months ended Oct. 1 was continuing in the second quarter. "The [C]ompany believes that reduced domestic government funding, and particularly more constrained state and local government funding of school budgets, is adversely affecting its product sales in the United States," DynaVox said in a press release. "In addition, DynaVox believes that constraints on government spending in its key international markets, including Canada and the U.K., have had a similar effect on product sales in those regions."
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