Finisar profit beats Street estimates, shares jump
(Reuters) - Network equipment maker Finisar Corp reported a quarterly profit that beat analysts' expectations as demand for its fiber optic products rose.
Finisar shares rose 10 percent in trading after the bell. The stock closed at $14.52 on the Nasdaq on Wednesday.
Net profit attributable to the company fell to $3.9 million, or 4 cents per share, in the fourth quarter from $18 million, or 19 cents per share, a year earlier.
Operating costs rose 38 percent, mainly due to impairment charges of $7.6 million.
Excluding items, the company earned 20 cents per share.
Revenue rose 1.5 percent to $243.4 million.
Analysts on average had expected earnings of 17 cents per share on revenue of $242.6 million, according to Thomson Reuters I/B/E/S.
(Reporting by Supantha Mukherjee in Bangalore; Editing by Sriraj Kalluvila)
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