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Coherent Swings To Q2 Loss, Shares Down 6%

Shares of Coherent Inc. (COHR) slipped over 6% on Wednesday extended session after the laser technology company posted a loss for the second quarter, as revenues fell short of Wall Street expectations.

Santa Clara, California-based Coherent reported second-quarter net loss of $418.9 million or $17.39 per share, compared with net income of $20.8 million or $0.85 per share last year.

Adjusted earnings for the quarter dropped to $0.61 per share from $1.61 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.52 per share for the quarter.

Revenues for the quarter dropped to $293.1 million from $372.9 million last year. Analysts had a consensus revenue estimate of $306.08 million.

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