Finisar Profit Drop After Network Tools Sale
The company sees profits decline after it sold its network tools business.
Fiber optic network equipment developer, Finisar Corporation (FNSR), has said that its first-quarter profit fell 26 percent after it sold its network tools business. As reported on Business Week, Finisar sold the tools division to JDS Uniphase Corp. during the first quarter of the previous fiscal year. JDS Uniphase paid $40.6 million in cash.
"In the quarter ended Aug. 1, Finisar said it earned $19.1 million, or 24 cents per share. That's down from $26 million, or 62 cents per share one year ago. Revenue rose 62 percent, to $207.9 million from $128.7 million.
"Analysts expected a profit of 23 cents per share and revenue of $201.1 million, according to a poll by Thomson Reuters."