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Finisar Q3 revenues increased to $306.3 million

Staff writer ▼ | March 7, 2015
Finisar Corporation announced financial results for its third quarter of fiscal 2015, ended January 25, 2015. Revenues increased to $306.3 million, up $9.3 million, or 3.1%, from $297.0 million in the preceding quarter.
Finisar Corporation
Finisar Corporation   Revenues increased by 3.1%
Sales of products for datacom applications increased by $18.5 million, or 8.5%, compared to the preceding quarter, primarily driven by the demand for 40 gigabit and 100 gigabit transceivers for datacom applications, as well as transceivers for wireless applications.

Sales of products for telecom applications decreased by $9.2 million, or 11.3%, compared to the preceding quarter, primarily due to the impact of one month of the annual telecom price reduction that typically takes effect on January 1 and the decrease in demand for transceivers for telecom applications driven by sluggish carrier capital expenditures.

GAAP gross margin decreased to 25.5% from 28.6% in the preceding quarter, primarily driven by a $5.7 million non-cash charge for the impairment of long-lived assets.

Non-GAAP gross margin decreased to 30.0% from 31.1% in the preceding quarter primarily due to the impact of one month of the annual telecom price reduction that typically takes effect on January 1 and the impact of substantial yield loss for a new optical engine product for supercomputing applications that we started to ramp in production during the quarter.

GAAP operating expenses decreased $17.6 million to $74.6 million from $92.2 million in the preceding quarter, primarily from expense reduction related to resolving patent infringement litigation that occurred in the preceding quarter.

Non-GAAP operating expenses decreased $2.2 million to $65.1 million from $67.3 million in the preceding quarter.

GAAP operating income increased $10.7 million, to $3.4 million or 1.1% of revenues, compared to an operating loss of $7.3 million or (2.4)% of revenues in the preceding quarter, primarily as the result of higher revenues and lower operating expenses.

Non-GAAP operating income increased $1.9 million to $26.9 million, or 8.8% of revenues, compared to $25.0 million, or 8.4% of revenues, in the preceding quarter, primarily as the result of higher revenue and lower operating expenses.

Cash, cash equivalents and short term investments increased $11.4 million to $488.9 million at the end of the third quarter, compared to $477.4 million at the end of the preceding quarter.


 

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