- Ciena Corp CIEN reported a second-quarter FY21 revenue decline of 6.7% year-on-year to $833.9 million, beating the analyst consensus of $829.3 million.
- Product revenue declined 9.4% Y/Y to $670 million, while Services revenue grew 6.3% Y/Y to $163.9 million.
- Total Networking Platform revenue declined 11.3% Y/Y to $637.3 million, and Platform Software and Services revenue rose 26% Y/Y to $56.7 million.
- Blue Planet Automation Software and Services revenue rose 59.3% Y/Y to $23.9 million. Total Global Services revenue remained flat at $116 million.
- Adjusted gross margin expanded 230 basis points to 49.2%, while the adjusted operating margin contracted 210 basis points to 15.8%.
- Adjusted EPS of $0.62 beat the analyst consensus of $0.48.
- Ciena generated $217.7 million in operating cash flow and held $1.2 billion in cash and equivalents.
- The company bought back stock worth $26.2 million during the quarter.
- Price action: CIEN shares traded higher by 5.31% at $57.30 in the premarket session on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in