JDS cuts forecast
As the demand for optical networking gear continues to wane, JDS Uniphase Corp. said it is trimming is its first-quarter outlook.
The optical networking gear provider expects to post an 8 percent sequential decline in first-quarter sales. For the fourth quarter ended June 30, JDs posted revenue of $222 million, a 63 percent drop from the $601 million recorded in the same quarter a year ago. The company reported a loss of $997 million, or 73 cents a share. Excluding special items, JDs posted a loss of $140 million, or 10 cents a share, which is a dramatic drop from the Q4 loss last year of $528 million, or $6.47 a share.
The company has named Syrus Madavi president and chief operating officer. Madavi comes to JDs from the chip industry where he has held executive positions at Texas Instruments and most recently ON Semiconductor. He will replace Gregory Dougherty, who left the company to care for a sick family member. The company also said Anthony Muller will retire at the end of the first quarter. JDs has not yet found a replacement.
As of 12:19 p.m. EDT, JDs shares were down 40 cents to $2.13, falling below its previous 52-week low of $2.24. Shares of the company's competitors also dipped slightly in midday trading. Nortel Networks and Lucent Technologies' stock prices were down 3 percent and 8 percent respectively.