Oclaro now expects revenues for the third quarter of its fiscal 2011, ended April 2, 2011, to be approximately $116.5 million. This compares with revenue of $120.3 million in the second quarter of fiscal 2011, ended January 1, 2011, and compares with the estimate of $123 million to $131 million the Company provided on January 27, 2011.
Oclaro blamed the revenue shortfall from the previous estimate resulted primarily from inventory corrections among certain telecom customers that began during the quarter and continued through the end of the quarter. The company also expects a correlation between this lowered revenue estimate for the quarter, and the estimated level of gross margins and adjusted EBIDTA for the quarter. http://www.oclaro.com
