JDS Uniphase Corp. (NASDAQ: JDSU) shareholders are about to forget all about the broader stock market being near all-time highs. The fiber optics maker and communications test and measurement provider traded down ahead of earnings, and now earnings are sending shares even lower – perhaps to new 52-week lows.

The company reported that its third quarter sales were $418.0 million, up only marginally from the $405.3 million a year ago and also shy of the Thomson Reuters consensus estimate of $431.73 million. JDS Uniphase also reported earnings of $0.10 per share (adjusted) versus estimates of $0.11 EPS and matching last year’s $0.10 per share for the same quarter.

And from the department of “But wait, there’s more…” – Guidance for its fourth quarter is for revenues of $425 million to $445 million and earnings of $0.10 to $0.14 per share. Thomson Reuters was calling for $0.17 in earnings per share on revenue of about $459 million.

JDSU said in its statement that its third quarter revenue was impacted by later-than-expected carrier orders. The company tried to hedge by saying that it is encouraged by a strong bookings performance and that it believes positive industry trends will drive improved top-line growth in its fiscal fourth quarter. You already saw the guidance, so its “encouragement” seems a bit misguided.

JDSU shares closed down 1.55% at $12.67, and shares were down by about 9.5% in the after-hours reaction to $11.49. This is bad news for shareholders when you consider that the prior 52-week range was $11.68 to $16.61.

Most investors do not like when they are in a stock that is trading at 52-week lows when the broader market is still close to new highs. Then you have to add in the disappointing theme that the company buried so many shareholders who were long and wrong from more than a decade ago.

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