logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford has revived the iconic Bronco brand after a gap of 24 years, this time as a dedicated off-road brand aiming to take on Fiat Chrysler's Jeep Wrangler, the dominant vehicle in the off-road category. Ford has introduced three new vehicles under the all-new Bronco brand as a 4x4 family of rugged SUVs under the tagline, "Built Wild". 3M Co. is teaming with researchers at Massachusetts Institute of Technology or MIT to develop a new rapid antigen test that detects the COVID-19 virus. The research, being conducted at the pilot lab facility at 3M's headquarters in St. Paul, Minnesota, is to learn if a simple-to-use, diagnostic device can produce highly accurate results within minutes and is feasible to mass manufacture. Retail giant Walmart has teamed up with the U.S. Department of Agriculture (USDA) to enable customers who pay for groceries with SNAP benefits, to gain access to Walmart's pickup and delivery service. Nearly 3,000 Walmart stores in 39 U.S. states are now offering customers receiving SNAP benefits through their Electronic Benefit Transfer (EBT) card to complete payments using the EBT card.
RELATED NEWS
Follow RTT