NEW YORK (TheStreet) -- Shares of Finisar Corp. (FNSR) are down 2.29% to $16.61 in pre-market trade after the provider of optical subsystems and components that are used in data communication and telecommunication applications reported a fiscal second-quarter loss of $11.4 million, or 11 cents per share, according to the Associated Press.
Earnings, adjusted for one-time gains and costs, were 23 cents per share. The results were below Wall Street expectations as the average estimate of analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The company posted revenue of $297 million in the period, also falling short of Street forecasts. Analysts expected $311.8 million, according to Zacks.
For the current quarter ending in January, Finisar expects its per-share earnings to range from 23 cents to 27 cents.
The company said it expects revenue in the range of $297 million to $312 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $324 million.
Separately, TheStreet Ratings team rates FINISAR CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate FINISAR CORP (FNSR) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. 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 and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and a generally disappointing performance in the stock itself."