Neophotonics Corporation (NPTN) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $11.52 million, or $ 0.27 a share in the quarter, against a net profit of $2.31 million, or $0.05 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $10.74 million, or $0.25 a share compared with a net profit of $6.95 million, or $0.15 a share in the last year period. Revenue during the quarter dropped 27.69 percent to $71.69 million from $99.14 million in the previous year period. Gross margin for the quarter contracted 558 basis points over the previous year period to 25.81 percent. Operating margin for the quarter stood at negative 16.56 percent as compared to a positive 4.74 percent for the previous year period.
Operating loss for the quarter was $11.87 million, compared with an operating income of $4.70 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $11.28 million compared to operating profit of $9.47 million in prior year period.
"The first quarter of 2017 marked a milestone with our transition to a purely High Speed company with our focus on 100G and above as networks move to 400G and 600G,” said Tim Jenks, chairman and chief executive officer of NeoPhotonics. "We completed the sale of our low speed transceiver product assets and we tightened our focus on continuing the growth of our global high speed component and modules businesses."
For the second-quarter, Neophotonics Corp expects revenue to be in the range of $68 million to $74 million. The company projects diluted loss per share to be in the range of $0.26 to $0.34 for the second-quarter. On an adjusted basis, the company projects diluted loss per share to be in the range of $0.19 to $0.26 for the second-quarter.
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