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Finisar Revenues Dip

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 wasn’t justified,” he says. “People’s expectations for growth weren’t 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. “It’s still a leader.”

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