Ciena Plunges After Q3 Results

Ciena

is plunging on Thursday after the company released its fiscal third quarter earnings results prior to the opening bell. The company reported a GAAP net loss of $29.8 million or $0.30 per share, compared to $31.5 million or $0.33 per share, in last year's third quarter. On an adjusted basis, which is comparable to analysts' consensus, Ciena reported a net loss of $4.1 million or $0.04 per share, versus income of $8.3 million or $0.08 per share, last year. This came in below Wall Street analysts' consensus EPS estimates calling for a loss of $0.02. Revenue in the period was $474.1 million versus $435.31 million in the year ago period. This came in ahead of Wall Street consensus revenue estimates of $473.88 million. During Thursday's trading session, CIEN has lost nearly 18 percent. The stock opened the day at $14.84 and was last trading at $13.76 around mid-day.