NEW YORK (

TheStreet

) -- Shares of

Finisar

(FNSR) - Get Report

tumbled in late trades on Wednesday after the optical networking equipment provider reported mixed quarterly results and gave a weak outlook.

Shortly after the closing bell, Sunnyvale, Calif.-based Finisar posted a non-GAAP

generally accepted accounting principles profit of $32.1 million, or 33 cents a share, for its fiscal fourth quarter ended on April 30, up from a year-ago equivalent profit of $16.7 million, or 22 cents a share, but a sequential decline from adjusted earnings of $42.5 million, or 47 cents a share, in the third quarter.

Revenue came in at $236.9 million for the latest quarter vs. $188.5 million a year ago, and $263 million in the January-ended period.

The average estimate of analysts polled by

Thomson Reuters

was for earnings of 33 cents a share in the April-ended quarter on revenue of $242.8 million. Prior to this report, Finisar had beaten Wall Street's consensus view in seven of the past eight quarters, coming in 20% ahead on average.

"The sequential decline in revenues was primarily driven by soft demand from our telecom customers, particularly Chinese OEMs

original equipment manufacturers," said Jerry Rawls, the company's executive chairman.

Rawls continued: "Despite the decline in revenues compared to the prior quarter, we were able to achieve non-GAAP gross margin of 34.2%, exceeding our prior guidance of 32% to 33%, through a combination of reduced spending and improved manufacturing yields."

A bigger drag on the stock, however, was Finisar's outlook, which calls for a continued deterioration on the top line. The company said it sees non-GAAP earnings of 16 to 20 cents a share in its fiscal first quarter ending in July with revenue projected between $221 million to $236 million. The current average analysts' view is for earnings of 36 cents a share in the first quarter on revenue of $251.8 million.

Finisar's view reflects the impact of consolidation accounting related to its stake in Ignis. Excluding this impact, the company sees non-GAAP earnings of 17 to 21 cents a share on revenue of $215 million to $230 million in the July-ending period.

The stock was last quoted at $14.95, down 15.7%, on after-hours volume of nearly 1.9 million, according to

Nasdaq.com

. Based on a regular session close at $17.73, the shares were off 36% so far in 2011, and more than 50% since hitting a 52-week high of $46.09 in mid-February. Elsewhere among the optical names,

JDS Uniphase

(JDSU)

fell 4.7% to $15.75 in late trades on volume of more than 470,000, and

Oclaro

(OCLR) - Get Report

lost 4.5% to $6.66 on volume of more than 28,000.

Also taking a hit were

Ciena

(CIEN) - Get Report

, which was crushed after reporting its quarterly results earlier this month, falling another 2.5% to $17.65 on volume of around 180,000; and

Oplink Communications

(OPLK)

, sliding 3.5% to $15.81 on volume of less than 10,000.

Wall Street was bullish on Finisar ahead of the report with seven of the 11 analysts covering the stock at either strong buy (3) or buy (4), and the median 12-month price target sitting at $32.50.

--

Written by Michael Baron in New York.

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Michael Baron

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