Ciena (CIEN) Slammed Following Q2 Miss, Meager Q3 Revs Outlook
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Price: $392.48 -1.75%
EPS Growth %: +156.7%
Financial Fact:
Provision for income taxes: 3.86M
Today's EPS Names:
EDXC, BICX, FBPI, More
EPS Growth %: +156.7%
Financial Fact:
Provision for income taxes: 3.86M
Today's EPS Names:
EDXC, BICX, FBPI, More
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Ciena (Nasdaq: CIEN) is getting slammed following a second-quarter earnings miss from the Linthicum, MD-based networking equipment and service provider.
Revenue for Ciena jumped nearly 65 percent from $253.47 million to $417.89 million. The number fell short of the $428.1 million sought by the Street.
Ciena's operating loss on the quarter narrowed from $91.22 million to $55.62 million, or 66 cents per share. Adjusting for certain items, Ciena's loss was 24 cents per share, which also missed consensus views calling for a loss of 10 cents per share.
"Momentum continues to be strong across our business, as evidenced by high levels of customer engagement, additional design wins around the world and strong order flows," CEO Gary Smith commented.
Looking ahead, Ciena expects third-quarter revenue in the range of $435 to $455 million, below the $456.7 million expected by the Street. Adjusted gross margin should come in the low-40 percent range, slightly better than the 39.7 percent realized during the second quarter of last year.
Ciena shares are down more than 10 percent in pre-market action; the stock last traded at $21.75.
Revenue for Ciena jumped nearly 65 percent from $253.47 million to $417.89 million. The number fell short of the $428.1 million sought by the Street.
Ciena's operating loss on the quarter narrowed from $91.22 million to $55.62 million, or 66 cents per share. Adjusting for certain items, Ciena's loss was 24 cents per share, which also missed consensus views calling for a loss of 10 cents per share.
"Momentum continues to be strong across our business, as evidenced by high levels of customer engagement, additional design wins around the world and strong order flows," CEO Gary Smith commented.
Looking ahead, Ciena expects third-quarter revenue in the range of $435 to $455 million, below the $456.7 million expected by the Street. Adjusted gross margin should come in the low-40 percent range, slightly better than the 39.7 percent realized during the second quarter of last year.
Ciena shares are down more than 10 percent in pre-market action; the stock last traded at $21.75.
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