Updated from 4:30 p.m.
tumbled 12% late Monday after the optical-networking-components maker missed fiscal first-quarter targets and guided lower for the second quarter.
The San Jose, Calif., company lost $23 million, or 38 cents a share, for the quarter ended Sept. 30. A year ago the company lost $500,000, or 2 cents a share. Excluding certain costs, the latest-quarter adjusted loss was 26 cents a share.
Revenue fell to $56.4 million from $62.6 million a year earlier, as revenue from
fell to $14.6 million from $18.5 million in the fourth quarter.
Analysts surveyed by Thomson Financial were looking for a 25-cent loss on sales of $57.1 million.
Gross margin rose to 17% in the latest quarter from 9% in the fourth quarter, but fell from the year-ago 23%.
"The continued growth in our non-Nortel revenue, which was up 15% over the prior quarter, and the positive impact of our cost-reduction plans, resulted in better-than-forecasted first-quarter gross margin and adjusted EBITDA," said CEO Giorgio Anania. "In addition,
revenue increased 47% over the prior quarter and accounted for 13% of total first-quarter revenue, and our non-telecom revenue, which includes our industrial-laser business, was up 14% sequentially to $11.6 million."
The company forecast second-quarter revenue of $56 million to $59 million, below the $60.6 million Thomson target.
Shares fell 48 cents to $3.15.