Movement Alert|Viavi Solutions Falls 5.44% in Regular Trading, Profit-Taking Pressure Despite Earnings Beat

Market Focus08-06

On August 6, Viavi Solutions fell 5.44% in regular trading, trading at $39.14/share, with turnover of $39.03 million.

On the news front, the company reported fiscal Q4 adjusted EPS of $0.34, beating the consensus estimate of $0.30, while revenue of $443.1 million also topped expectations of $432.6 million. Additionally, fiscal Q1 guidance called for adjusted EPS of $0.40 to $0.42 on revenue of $450 million to $460 million, significantly above analyst expectations of $0.28 EPS on $432.2 million revenue.

Despite the strong beat-and-raise quarter, Viavi Solutions had surged over 5% to 7% the trading session prior to the earnings release, driven by broad optical communications sector strength and pre-earnings positioning by bulls. The current decline primarily reflects profit-taking pressure following the rapid pre-earnings run-up. B. Riley adjusted its price target to $60 from $63 while maintaining a Buy rating, with the average analyst target standing at $61.43.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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