Shares of Finisar Corp. (Nasdaq: FNSR) took a hit today after the company reported a revenue drop last night.
The company reported its revenues for the second quarter of fiscal year 2002 were 21 percent lower than the same period last year -- a drop from $44.5 million to $35.1 million. Compared to its first quarter earnings, however, the company reported a three percent rise in revenues. The results were in line with analyst expectations.
In trading at noon today, Finisar shares declined $2.08 (16.34 percent) to $10.65.
The fall in stock prices comes as no surprise to Robertson Stephens analyst Igor Illic. For the last couple of weeks, Finisar was trading at a level that wasnt justified, he says. Peoples expectations for growth werent merited.
This, Illic insisted, has nothing to do with Finisar, but with the economy in general. Finisar is still a very good company, he says. Its still a leader.