Finisar (FNSR) - Get Report nailed its profit target but came up light on sales for its fiscal first quarter.

The Sunnyvale, Calif., optical networking shop posted an adjusted profit of $9.4 million, 3 cents a share, for the quarter ended July 31. That compares with pro forma earnings of $9 million, or 3 cents a share, in the prior quarter. Finisar lost $8.5 million, or 3 cents a share, in the year-ago quarter.

Analysts were looking for an adjusted profit of 3 cents a share, according to Reuters Research.

Sales for the quarter were $106.2 million, up about 4% from the prior quarter and up 31% from a year ago. But analysts were looking for revenue of $107.5 million.

Fiscal first-quarter gross margin narrowed by a percentage point to 32.7% from the prior quarter.

"We are very proud of achieving our 12th consecutive quarter of sequential revenue growth and eighth consecutive quarter of record revenues," CEO Jerry Rawls said in a press release Tuesday. "We expect to continue that record-setting pace at least for the remainder of this fiscal year."

The news comes as optics specialist

Avanex

(JDSU)

dropped 5% Monday after it missed the Street's earnings expectations by a penny.

Finisar shares fell a quarter, or 7%, to $3.45 in after-hours trading Tuesday.