U.S. Markets open in 5 hrs 13 mins

Huawei Supplier NeoPhotonics Cuts Second-Quarter Guidance

M. Corey Goldman

on Thursday cut its second-quarter guidance amid lower revenue expectations resulting from the U.S. ban on business with Huawei Technologies, the Chinese telecom giant. NeoPhotonics said it now expects an adjusted per-share loss of between 5 cents and 15 cents, and revenue of between $75 million and $80 million vs. previous guidance of a per-share loss of between 4 cents and 6 cents and revenue of between $88 million and $93 million. The U.S. Bureau of Industry and Security, part of the U.S. Commerce Department, earlier this month placed Huawei and dozens of its affiliates on an "Entity List" that greatly restricts its ability to buy components from U.S. companies.