EMCORE Falls 17% On Guidance Cut
EMCORE Corporation (NASDAQ: EMKR) on Thursday lowered its preliminary sales guidance for the third quarter due to additional negative effects of the trade dispute with China.
The company expects revenues for the quarter to be approximately $17 million to $17.5 million compared to its previous revenue guidance range of $20 million to $22 million.
“Our chip product sales, and GPON in particular, experienced a significant decline in the third quarter, largely due to additional negative effects of the trade dispute with China,” said Jeffrey Rittichier, EMCORE's CEO. “Within the cable TV market, overall MSO capital spend remained soft compared to expectations earlier in the quarter. Demand for our Satcom and inertial navigation products, including the recently acquired Systron Donner operations, remained robust, with demand outpacing supply.”
EMCORE shares were trading down 17.9% at $2.70 in Friday’s pre-market session. The stock has a 52-week high of $5.54 and a 52-week low of $3.14.
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