today lowered its full-year 2001 revenue guidance and projected a first-quarter top line that would be below Wall Street expectations, citing widespread softening in both the U.S. economy and the telecom industry as factors in its reduced forecast.
For 2001, New Focus projected net revenue of $170 million to $190 million, down from its original estimate of $240 million. Eight analysts surveyed by
First Call/Thomson Financial
expect the company, which is based in Santa Clara, Calif., to report $228.8 million for 2001 revenue. In the year-ago period, New Focus posted revenue of $80.4 million.
The fiber-optic products maker expects first-quarter revenue of $38 million to $41 million, while two analysts estimate the company will report a top line of $46.9 million. New Focus reported revenue of $9.8 million in the same period one year ago.
New Focus also plans to eliminate 70 U.S. positions and furlough 260 direct production workers in training at its operations in Shenzhen, China. Prior to the workforce reductions, the company's China operations employed 1,200 people, while the U.S. business had 900 workers.
Shares of New Focus closed at $21.25 in
trading today, but fell sharply to $16.50 in after-hours