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Finisar shares rise even after earnings miss

Finisar Corp. shares rose in the extended session Thursday even after the fiber-optic company’s earnings and outlook missed Wall Street targets. Finisar shares, which initially fell 5%, rose 3.1% to $18.60 after hours. The company reported fiscal second-quarter net income of $5.9 million, or 5 cents a share, compared with $48.8 million, or 43 cents a share, in the year-ago period. Adjusted earnings were 23 cents a share. Revenue declined to $332.2 million from $369.9 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 30 cents a share on revenue of $330.8 million. For the fiscal third quarter, Finisar estimates earnings of 21 cents to 27 cents a share on revenue of $325 million to $345 million. Analysts expect earnings of 33 cents a share on revenue of $344.1 million.

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