Ciena posts 1Q loss; adj. results top St. view
HANOVER, Md. (AP) — Ciena Corp. on Thursday posted a fiscal first-quarter loss, but revenue rose 9 percent and adjusted results topped Wall Street estimates.
Shares of the developer of high-speed networking technology rallied in morning trading.
For the quarter ended Jan. 31, the Hanover, Md., company posted a loss of $47.3 million, or 47 cents per share, compared with a loss of $47.7 million, or 49 cents per share, a year earlier.
Excluding a nearly $29 million loss on debt extinguishment and other items, the company earned a profit of 12 cents per share, compared with losing 17 cents per share the year before. On that basis, analysts expected another loss, of 14 cents per share, according to FactSet.
Revenue rose to $453.1 million from $416.7 million, with gains in sales of both products and services. Analysts expected $449.1 million.
The company was more profitable, with gross margins rising to 43.2 percent from 40.3 percent.
In the current quarter, Ciena expects revenue of $465 million to $495 million, bracketing analysts' prediction of $480.2 million, on average.
In morning trading, Ciena shares jumped 15 percent, or $2.25, to $17.19. Over the past year, the stock has traded between $11.45 and $18.39.