Ciena Corp CIEN shares are trading lower Thursday after the company reported worse-than-expected financial results.
Ciena said fiscal second-quarter revenue increased 13.8% year-over-year to $949.2 million, which came in below the estimate of $950.83 million, according to data from Benzinga Pro. The company reported quarterly earnings of 50 cents per share, which missed the estimate of 54 cents per share.
"At a time when industry-wide supply chain constraints are resulting in increased uncertainty and a wider range of potential outcomes in the coming quarters, our near-term financial performance is entirely a function of component availability – not the strong underlying demand in our business," said Gary Smith, president and CEO of Ciena.
Ciena is a networking systems, services and software company that provides solutions to help its customers respond to the constantly changing demands of their users.
CIEN Price Action: Ciena shares are making new 52-week lows on Thursday.
The stock was down 5.74% at $48.40 at time of publication.
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