Ciena Up 7% After Beating Earnings Estimates
Shares of Ciena (NASDAQ: CIEN) are up 7% after the company beat earnings estimates.
For the fiscal first quarter 2012, Ciena reported revenue of $416.7 million.
On the basis of generally accepted accounting principles (GAAP), Ciena's net loss for the fiscal first quarter 2012 was $(47.7) million, or $(0.49) per common share, which compares to a GAAP net loss of $(79.1) million, or $(0.84) per common share, for the fiscal first quarter 2011. Ciena's adjusted (non-GAAP) net loss for the fiscal first quarter 2012 was $(16.5) million, or $(0.17) per common share, which compares to an adjusted (non-GAAP) net loss of $(13.3) million, or $(0.14) per common share, for the fiscal first quarter 2011.
“Our first quarter revenue reflects the combined effects of seasonality and longer customer deployment and revenue recognition cycles as a result of our greater mix of international and solutions-oriented sales,” said Gary Smith, president and CEO of Ciena. “However, our first quarter revenue does not reflect the underlying strength of the business and ongoing customer demand. We expect sequential revenue growth in the fiscal second quarter, and we anticipate that our operating results for the second half of fiscal 2012 will be stronger than the first half.”
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