On Wednesday trading session, the stock price of Oclaro Inc (NASDAQ:OCLR) closed deep in green, however failed to build on that gains yesterday, as it declined more than 1% to close the day at $8.63. The decline came at a share volume of around 17.511 million compared to average share volume of around 7.85 million. After the recent decline, the market cap of firm is seen at $1.46 billion.
The highlights
Earlier in the month, Oclaro posted strong fourth quarter and FY2017 financial report. Greg Dougherty, the Chief Executive Officer, reported that it offers him immense pleasure to post that they posted record financial numbers for FY2017. He is incredibly delighted of what the team achieved during the preceding year.
They recorded YoY revenue growth of 47%, while also delivering considerably higher profits. The excellent results were led by the strength of their 100G and beyond product portfolio the revenue of which doubled over FY2016. Dougherty reported that the most notable growth came from their industry leading QSFP28 and CFP2-ACO product family.
The fourth quarter numbers, which reflected the expected impact of softness in China, was as per the projections. While revenue dropped, they once again achieved very impressive operating profits and gross margin. As they enter FY2018, they anticipate to witness continued strong demand for their 100G and beyond offerings in the Data Center and Metro Markets. They also anticipate to be able to maintain their strong margin performance in FY2018.
For Q4 2017, Oclaro recorded revenue of $149.4 million as compared to revenue of $162.2 million in Q3 2017, and revenues of $125.2 million in Q4 2016. GAAP gross margin came at 41.1% for Q4 2017, which compares with 41.2% in Q3 2017, and 32.1% in Q4 2016. Cash, cash equivalents, restricted cash and short-term investments came at $257.5 million at July 1, 2017.