Finisar Corporation Q1 2016 revenues decreased to $314 millionStaff writer ▼ | September 11, 2015
Finisar Corporation announced financial results for its first quarter of fiscal 2016, ended August 2, 2015. Revenues decreased to $314 million, a decrease of $6 million, or 1.9%, from $320 million in the preceding quarter, as the result of the impact of one fewer week than the prior quarter.
Finisar Corporation Q1 2016 revenues decreased 1.9%
Sales of products for telecom applications increased by $2.7 million, or 3.4%, compared to the preceding quarter.
GAAP gross margin was 27.8% compared to 27.9% in the preceding quarter.
Non-GAAP gross margin was 30.2% compared to 30.3% in the prior quarter.
GAAP operating expenses were $80.3 million compared to $78.9 million in the prior quarter.
Non-GAAP operating expenses were $68.4 million compared to $68.2 million in the prior quarter.
GAAP operating income decreased by $3.2 million, to $7.1 million or 2.2% of revenues, compared to $10.3 million or 3.2% of revenues in the preceding quarter, primarily due to the lower revenue level.
Non-GAAP operating income decreased by $2.3 million to $26.5 million, or 8.4% of revenues, compared to $28.8 million, or 9.0% of revenues, in the preceding quarter.
Cash, cash equivalents and short term investments increased $5.5 million to $495.7 million at the end of the first quarter, compared to $490.2 million at the end of the preceding quarter.
The company indicated that for the second quarter of fiscal 2016 it currently expects revenues in the range of $304 to $324 million, non-GAAP gross margin of approximately 30%, non-GAAP operating margin of approximately 8% to 9%, and non-GAAP earnings per diluted share in the range of approximately $0.20 to $0.26. ■