NEW YORK (TheStreet) -- Shares of Finisar (FNSR) were falling 7.7% to $20.45 on heavy trading volume Friday after the optical communication components and subsystems manufacturer reported its fiscal fourth quarter results.
Finisar reported earnings of 25 cents a share for the fiscal fourth quarter, in line with analysts' estimates for the quarter. Revenue grew 4.5% year over year to $320.05 million in the quarter, compared to analysts' estimates of $320.5 million.
Looking to the first quarter of fiscal 2016 Finisar expects to report earnings of 23 cents to 29 cents a share and revenue of $308 million to $328 million. Analysts expect the company to report earnings of 27 cents a share and revenue of about $318.04 million for the fiscal first quarter.
About 1.5 million shares of Finisar were traded by 10:09 a.m. Friday, above the company's average trading volume of about 877,000 shares a day.
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 revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."