NEW YORK (CNN/Money) - JDS Uniphase Corp. announced Wednesday that quarterly losses narrowed sharply from a year earlier.

The San Jose, Calif.-based communications equipment maker posted a net loss of $7.3 million, or 1 cent a share, compared with a net loss of $136.8 million, or 10 cents a share, a year earlier.

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Net revenue fell to $161 million from $166 million a year earlier, missing the average analyst forecast of $165 million, as compiled by First Call, which tracks corporate results.

Excluding one-time items, the company reported a loss of $6.7 million, or break-even per share, meeting analysts' expectations, according to First Call.

"We continue to focus on execution and operational improvements, as we see signs of recovery in our markets," said Kevin Kennedy, CEO.

JDS (JDSU: Research, Estimates) stock fell about 4 percent during regular trading on Nasdaq and sank further in after-hours trading. (For more on after-hours quotes, click here).