SUGAR LAND, Texas (AP) — SUGAR LAND, Texas (AP) — Applied Optoelectronics Inc. (AAOI) on Thursday reported a loss of $23.2 million in its first quarter.
The Sugar Land, Texas-based company said it had a loss of 60 cents per share. Losses, adjusted for pretax expenses and stock option expense, were 31 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 29 cents per share.
The maker of fiber optic products used by cable TV providers posted revenue of $40.7 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $43.6 million.
Applied Optoelectronics shares have dropped 45% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.54, climbing fivefold in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAOI at https://www.zacks.com/ap/AAOI
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
