Fusion-io Plummets After Earnings Report

Shares of Fusion-io

traded down as much as 21 percent in after-hours trading on Wednesday after the company reported earnings. The company's second quarter earnings were solid, but the guidance for the third quarter came in sharply lower than what analysts had been anticipating. Fusion-io reported second quarter earnings per share of $0.13, more than the $0.08 that had been expected. Those earnings came on revenue of $120.6 million, more than the $119.92 million consensus estimate. But guidance was weak. Fusion-io guided third quarter sales at $80 million -- analysts had been anticipating $137.2 million. For the fiscal year, Fusion-io said revenue would be $420-440 million; the Street was expecting $530.8 million. Shares of Fusion-io closed up over 3 percent on Wednesday.