Finisar's (FNSR) Q3 Earnings Beat, Revenues Decline Y/Y
Zacks Investment Research | Feb 28, 2019 09:31PM ET
Finisar Corporation’s (NASDAQ:FNSR) third-quarter fiscal 2019 (ended Jan 27, 2019) revenues decreased year over year but net loss narrowed. The bottom-line performance was largely driven by lower provision for income tax and reduction in manufacturing overhead.
Net Loss
On a GAAP basis, net loss for the reported quarter was $15.3 million or loss of 13 cents per share compared with net loss of $55.7 million or loss of 49 cents per share in the year-ago quarter. The year-over-year improvement was driven by higher operating income and lower provision for income tax.
Notably, non-GAAP net income came in at $34.2 million or 29 cents per share compared with $22.8 million or 20 cents per share in the prior-year quarter on the back of favorable adjustments. The bottom line beat the Zacks Consensus Estimate by 2 cents.
Finisar Corporation Price, Consensus and EPS Surprise
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