Applied Optoelectronics (AAOI) reported a Q1 earnings miss with revenue of $151M and an EPS loss of ($0.07), both falling below analyst estimates. The company also issued weak Q2 guidance, projecting revenue of $189M and EPS of $0.01, which significantly trails market expectations of $193M and $0.07 respectively. Despite the financial misses, AAOI confirmed the completion of its first shipment of 800G products.