Oclaro Inc (NASDAQ:OCLR) released the financial report for its fourth quarter and FY2017, which closed July 1, 2017. For Q4 2017, revenue came at $149.4 million as compared to revenue of $162.2 million in the Q3 FY2017, and revenue of $125.2 million in the Q4 2016. GAAP gross margin stood at 41.1% for the Q4 2017, which compares with 41.2% in the Q3 2017, and 32.1% in the Q4 2016. Revenue stood at $601 million for FY2017, as against $407.9 million in FY2016. GAAP gross margin stood at 39.1% for FY2017, versus 28.5% in FY2016.
The update
Greg Dougherty, the Chief Executive Officer of Oclaro, reported that it provides him immense pleasure to announce that they have recorded exceptional financial performance in their FY2017. He is incredibly proud of the accomplishments of the Oclaro team recorded during the past year. The company posted YOY revenue growth of 47%, while also offering considerably higher profits. Their excellent results were led by the strength of 100G and beyond portfolio whose revenue doubled compared to FY2016. The most notable growth came from their industry leading QSFP28 and CFP2-ACO product family.
Mr. Dougherty added that the company’s fourth quarter revenue, which exhibited the expected impact of softness in China, was as per expectations. While revenue dropped, they once again delivered extremely strong operating profits and gross margin. As they enter FY2018, they anticipate to witness continued strong demand for Oclaro’s 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.
In the last trading session, the stock price of Oclaro jumped more than 5% to close the day at $8.95. The gains came at a share volume of 18.34 million compared to average share volume of 7.36 million. After the recent jump, the market cap of firm stands at around $1.50 billion.