Finisar Earnings Miss; Will Expand 3D Sensor Manufacturing, Shares Up – Investor's Business Daily

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Finisar (FNSR) said late Thursday that fiscal second-quarter adjusted earnings were 23 cents a share, down 60% from a year ago, with revenue falling 10% to $332 million. Quarterly profit missed consensus estimates; revenue slightly beat. A year earlier, Finisar earned 58 cents a share on sales of $370 million.

Analysts expected Finisar to report earnings of 30 cents on sales of $331 million for the period ended Oct. 31.  Finisar said it has acquired a new manufacturing facility in Texas to expand  production of 3D sensors. Rival Lumentum Holding (LITE) has ramped up 3D sensor manufacturing for a customer believed to be Apple (AAPL).

Shares in Finisar, a maker of optical communications devices software, rose 4% to 18.75 in after-hours trading on the stock market today.

Details to follow.

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