- Ciena Corp CIEN reported second-quarter FY22 revenue growth of 13.8% year-on-year to $949.2 million, missing the consensus of $950.8 million.
- Segments: Total Networking Platforms revenue rose by 15.3% Y/Y to $734.5 million, and Total Global Services increased 10.9% Y/Y to $128.7 million.
- Margins: The adjusted gross margin contracted 620 bps to 43% as costs surged 29.9% Y/Y.
- The adjusted operating margin contracted 450 bps to 11.3% as operating costs rose 23.2% Y/Y.
- The non-GAAP EPS of $0.50 missed the consensus of $0.54.
- Ciena held $1.6 billion in cash and equivalents and generated $105.8 million in operating cash flow.
- "Our strong execution in the fiscal second quarter enabled us to deliver 14% year-over-year revenue growth despite an increasingly challenging supply environment," CEO Gary Smith said. "We also saw continued strength in order flow and backlog growth in the quarter, reflecting the durability of longer-term secular demand drivers."
- Price Action: CIEN shares traded lower by 3.31% at $49.65 in the premarket session on the last check Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.