JDS Uniphase (JDSU) reported earnings:
Net revenue for the third quarter was $361.7 million and net loss was $(14.2) million, or $(0.07) per share. This compares to net revenue of $366.3 million and net income of $23.2 million, or $0.10 per diluted share, reported for the second quarter of fiscal 2007, which included a $28 million gain on sale of investments. Net revenue for the third quarter of fiscal 2006 was $314.9 million with net income of $3.7 million, or $0.02 per diluted share. On a non-GAAP basis, revenue for the third quarter was $361.8 million and non-GAAP net income was $12.3 million, or $0.06 per diluted share.
Analysts were expecting the company to earn $0.10 on $347 million in revenue. The Company expects non-GAAP net revenue for the fourth quarter of fiscal 2007, ending June 30, 2007, to be in the range of $325 to $345 million, compared with analyst estimates of $355 million.
On the conference call, the company noted their shrinking customer base, saying:
And finally the sales to increasingly highly concentrated set of tier one network equipment manufacturers for Optical Communications have decreased as inventory management, lean initiatives or consolidation clauses have introduced an evolving adjustment to ordering rhythm. Our fiscal Q3 results therefore will represent a current snapshot of this dynamically evolving industry.
The problem is, snapshots can turn into motion pictures. We’ve already seen how this one ends.
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