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OPLINK REPORTS FINAL FINANCIAL RESULTS FOR SECOND QUARTER FISCAL 2005

Fremont, Calif., January 27, 2005 -- Oplink Communications, Inc. (Nasdaq: OPLK), a leading Photonic Foundry and provider of optical networking components, today reported financial results for the second quarter of fiscal year 2005 ended January 2, 2005.

For the second quarter, Oplink reported revenues of $8.1 million and a net loss of $2.3 million, or $0.02 per share. This compares to revenues of $8.1 million and a net loss of $2.1 million, or $0.01 per share, reported in the second quarter of fiscal 2004. For the third quarter of fiscal 2005, Oplink expects revenue to be comparable with that of the second quarter of fiscal 2005 and expects a net loss of $0.01 per share.

Oplink closed the second quarter with $185.3 million in cash, cash equivalents and short and long-term investments, mostly unchanged from the prior quarter. The company generated $544,000 in cash from operations and used approximately $1.0 million for capital expenditures during the second quarter.

"Despite lower than expected results in the second quarter, we had solid sales activity with some of our larger customers, including Nortel and Huawei," commented Joe Liu, president and CEO of Oplink. "We continue to see good demand in the marketplace for metro applications and increasing interest for access products, where we are building our product capabilities, despite the recent termination of the proposed EZconn acquisition. We will continue to broaden our product portfolio through internal development and acquisitions to solidify our position in the FTTX ("Fiber-to-the-X") market."

The company presents each of the fiscal quarters and fiscal year end as if it ended on the last day of each calendar quarter or twelve-month period, respectively. The company operates and reports using interim fiscal quarters and twelve-month periods, which end on the Sunday closest to the end of each calendar quarter and twelve-month period. January 2, 2005 and December 28, 2003 represent the Sunday closest to the period ending December 31, 2004 and December 31, 2003, respectively.

Conference Call Information

The company will host a corresponding conference call and live webcast at 2:00 p.m. Pacific Time on January 27, 2005. To access the conference call, dial (800) 257-1836 for the US or Canada and (303) 275-2170 for international callers. The webcast will be available live on the Investor Relations section of the company's corporate website at http://investor.oplink.com and via replay beginning approximately two hours after the completion of the call until the company's announcement of its financial results for the next quarter. An audio replay of the call will also be available to investors beginning at approximately 4:00 p.m. Pacific Time on January 27, 2005 until 11:59 p.m. Pacific Time on January 29, 2005, by dialing (800) 405-2236 ((303) 590-3000 for callers outside the U.S. and Canada) and entering pass code 11021385.

About Oplink

Incorporated in 1995, Oplink is a leading provider of design, integration and optical manufacturing solutions (OMS) for optical networking components and subsystems. The company offers advanced and cost-effective optical-electrical components and subsystem manufacturing through its facilities in Zhuhai and Shanghai, China. In addition, Oplink maintains a full complement of optical-centric front-end design, application, and customer service functions at its headquarters in Fremont, California. The company's customers include telecommunications, data communications and cable TV equipment manufacturers around the globe. Oplink is committed to providing fully customized, Photonic Foundry services which incorporate its subsystems manufacturing capabilities. To learn more about Oplink, visit its web site at: http://www.oplink.com/.

This news release contains forward-looking statements, including without limitation statements regarding market demand and interest for metro applications and access products, the anticipated broadening of Oplink's product portfolio through internal development and acquisitions and the guidance given for anticipated revenue and earnings per share for the third quarter of fiscal 2005, that involve risks and uncertainties, which may cause Oplink's actual results to differ substantially from expectations. These risks include, but are not limited to, the potential widespread downturn in the overall economy in the United States and other parts of the world and the telecommunications industry, including reductions in telecommunication spending activity, possible reductions in customer orders, challenges to successfully integrate and realize anticipated benefits of acquisitions of businesses or technologies, Oplink's reliance upon third parties to supply its raw materials and equipment, intense competition in Oplink's target markets and potential pricing pressure that may arise from changing supply-demand conditions in the industry, the need to retain and motivate key personnel, risks associated with the protection of Oplink's, and possible infringement of others', intellectual property, and other risks detailed from time to time in Oplink's periodic reports filed with the Securities and Exchange Commission, including the company's latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The foregoing information represents Oplink's outlook only as of the date of this press release, and Oplink undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

Financial Tables.

Investor Relations:
Erica Abrams or Vanessa Lehr
The Blueshirt Group
(415) 217-7722
erica@blueshirtgroup.com
vanessa@blueshirtgroup.com

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