CIENA Corporation’s (NASDAQ:CIEN) third quarter loss narrowed, beating estimates. Ciena is a provider of communications networking equipment, software, and services that support the transport, switching, aggregation, and management of voice, video, and data traffic.
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CIENA Corporation Earnings Cheat Sheet
Results: Loss narrowed to $29.8 million (loss of 30 cents per diluted share) from $31.4 million (loss of 33 cents per share) in the same quarter a year earlier.
Revenue: Rose 8.9% to $474.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: CIENA Corporation reported an adjusted net loss of 4 cents per share. By that measure, the company beat the mean analyst estimate of a loss of 14 cents per share. It beat the average revenue estimate of $447.4 million.
Quoting Management: “We continue to win in the market and take share as demonstrated by a solid operating performance in the third quarter,” said Gary Smith, president and CEO of Ciena. “We are experiencing the effects of ongoing macroeconomic challenges and slower than expected roll-outs of new design wins. However, our approach to the market is working, our OPn architecture vision is gaining traction with customers globally, and our view of the long-term opportunity is unchanged.”
The company has now beaten estimates the last two quarters. In the second quarter, it topped expectations with a loss of -4 cents versus a mean estimate of a loss of 14 cents per share.
The comapny’s revenue has not increased in each of the last two quarters. In the second quarter, revenue increased 14.3% to $477.6 million from the year-earlier quarter.
Down from a loss of 25 cents per share ninety days ago, the average estimate for the fiscal year is now a loss of 39 cents.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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