JDS Uniphase

(JDSU)

met lowered targets and adjusted current-quarter guidance below analysts' estimates.

The San Jose, Calif., communications laser maker posted an adjusted loss of $23 million, or 2 cents a share, on $166 million in sales for the fiscal third quarter ended in March. Those numbers compare with a $28 million loss on $180 million in the prior quarter.

For the current quarter, JDS expects sales of $165 million. Analysts' consensus estimates had called for a top-line total of $168 million, according to Reuters Research.

The optical parts maker has been squeezed by the collapse of the telecom network construction business over the past five years. Last week, the company

said it would fire 700 people and shut down several North American production facilities.

The company said it would move the manufacturing done at its Ewing, N.J., and Melbourne, Fla., plants to China and contractors. The company will also transfer its Mountain Lakes, N.J., manufacturing operations to partner Fabrinet, and reduce manufacturing in Santa Rosa, Calif.

In a press release, CEO Kevin Kennedy said: "Initiatives to streamline our cost structure picked up momentum. The divestiture of our Fuzhou operation in China, announced today, and the North American manufacturing consolidation, announced last week, are two elements of our broader profitability strategy."

JDS shares fell a dime, or 6%, to $1.55 in after-hours trading Wednesday.