NEW YORK (TheStreet) -- Shares of Finisar Corp. (FNSR) are lower by -5.28% to $17.40 in pre-market trading on Friday, after the company reported a decline in fiscal 2015 first quarter net income to $14.2 million, or 14 cents per diluted share, compared to $26 million, or 26 cents per diluted share for the fiscal 2014 first quarter.
The company, which provides optical subsystems and components that are used in data communication and telecommunications applications, said adjusted earnings for the most recent quarter was 32 cents per share, which matched the EPS forecast by analysts polled by Thomson Reuters.
Revenue for the most recent quarter grew to $327.6 million, from $266 million for the year ago quarter.
Analysts expected the company to report revenue of $328.7 million.
Finisar issued guidance for the fiscal 2015 second quarter that was below analysts' expectations.
Earnings per share are expected to be between 23 cents and 27 cents, while analysts are expecting 35 cents per share.
Revenue is forecast to be between $305 million and $320 million, analysts however, are expecting $337.5 million.
Additionally, Finisar was downgraded to "hold" from "buy" at Stifel Nicolaus (SF) this morning.
Separately, TheStreet Ratings team rates FINISAR CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FINISAR CORP (FNSR) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."