Cray Q1 Falls Short

Cray (CRAY) shares are trading lower after hours on disappointing Q1 results.

For the quarter, the company posted revenue of $28.4 million, well short of the Street consensus at $41 million, and down from $74.5 million a year ago. The supercomputer company said that “as expected” it got off to a slow start from a financial results perspective this year. The company lost 34 cents a share in the quarter; the Street had expected a loss of 22 cents.

Cray said it expects revenue for the full year of $305 million to $325 million, but with most of that in the fourth quarter. The company sees revenue of $30 million in Q2, and $50 million in Q3. For Q2, the Street consensus was $47.6 million.

CRAY in late trading is down 69 cents, or 10.3%, to $6.