JDSU’s quarterly loss down, shares rise
MILPITAS, Calif. (AP) – JDSU Corp. reported a much smaller net loss for its fiscal second quarter than a year ago, when it recorded a big accounting charge.
The company's sales fell, but the results were better than Wall Street expected, and its shares rose after it reported the results after regular trading closed Tuesday.
The maker of optical communications equipment and testing gear for communications companies, JDSU said it lost $19.5 million, or 9 cents per share, in the three months that ended Jan. 2.
A year earlier, it reported losing $722.9 million, or $3.36 per share, in large part due to a nearly $700 million write-down on the value of parts of its business.
Excluding one-time items, the company earned 12 cents per share in the latest period. That tops the average forecast of analysts surveyed by Thomson Reuters for 9 cents per share, also excluding one-time items.
The company's revenue fell 3 percent to $342.9 million. Analysts forecast revenue of $334.2 million.
JDSU predicted its revenue would be $325 million to $350 million in its fiscal third quarter. Analysts were expecting $323 million.
JDSU shares rose 28 cents, or 3.4 percent, to $8.57 in after-hours trading.
During the regular session, the stock closed at $8.36, up 20 cents or 2.5 percent. It rose another 25 cents, or 3 percent, to $8.61 in after-hours trading Tuesday.
Meanwhile, JDSU has launched its next-generation wavelength selective switch (WSS) module, the Mini 50 GHz WSS. The new module comes in a smaller package with increased functionality to support more sophisticated mesh network architectures, the company said. Testing of the Mini 50 WSS in JDSU's lab has proven that it can support network traffic through more than 16 nodes, or entry and exit points in a network, with minimal effect to the network signal. It is projected to be able to support or 'cascade' a signal in up to 26 nodes.
– CED’s Traci Patterson contributed to this report