Cray beats by $0.34, beats on revs; guides Q3 revs in-line; guides FY17 revs in-line
Reports Q2 (Jun) loss of $0.20 per share, excluding non-recurring items, $0.34 better than the Capital IQ Consensus of ($0.54); revenues fell 13.1% year/year to $87.1 mln vs the $60.18 mln Capital IQ Consensus.
Co issues in-line guidance for Q3, sees Q3 revs of Approx $60 mln vs. $78.05 mln Capital IQ Consensus Estimate.
Co issues in-line guidance for FY17, sees FY17 revs of Approx $400 mln vs. $427.42 mln Capital IQ Consensus Estimate.
GAAP and non-GAAP gross margins for the year are expected to be in the low- to mid-30% range.
Non-GAAP operating expenses for 2017, including an estimate for what the impact of the Seagate transaction would be, are expected to be in the range of $190 million.
For 2017, GAAP operating expenses are anticipated to be about $24 million higher than non-GAAP operating expenses, driven by stock-based compensation, restructuring, and costs related to the Seagate transaction.