Finisar Lifts Q1 Outlook, Shares Up 17%

(RTTNews) - Finisar Corp. (FNSR) Tuesday lifted its financial outlook for the first quarter, sending its shares up 17 percent in the after hours trade.

Finisar said it now expects to report revenues of about $266 million for the first quarter, compared to previous guidance of $245 to $260 million.

The company said revenue growth was driven primarily by increased sales of 10G, 40G and 100G Ethernet transceivers for datacom applications. About $2 million of the revenue growth over the prior quarter was from products for telecom applications.

The company now expects adjusted earnings of $0.30 to $0.31 per share for the quarter, exceeding the prior guidance of $0.22 to $0.26 per share.

Analysts polled by Thomson Reuters currently expects earnings of $0.24 per share on revenues of $253.64 million for the quarter. Analysts' estimates typically exclude special items.