Avanex Corp. announced decrease of its second-quarter outlook because of premature termination of an exclusive distribution agreement by France 's 3S Photonics.
The company said that it had filed an arbitration complaint against 3S Photonics
Now Avanex predicts revenue of $51 million to $53 million – about 5 millions dollars lower then earlier.
Avanex supplies components that increase the speed and capacity of fiber-optic communications networks.
US President Joe Biden and Iraqi Prime Minister Mustafa Al Qadimi signed an agreement on July 26 to formally end the USA's military presence in the country by the end of the year