Ciena's Lower Q4 Sales Guidance Trumps Q3 Beat
Ciena Corporation (NYSE:CIEN) shares are trading lower by $2.57, or 10 percent, at $21.70 in Thursday's session.
Before the open, the company reported a Q3 EPS beat of 2 cents along with a sales beat of $1.9 million. However, the Street is focusing on its lowered Q4 sales guidance from estimate of $770.3 million to the $720 million-$750 million range.
After a lower open, Ciena had a brief rally to $22.67 before continuing its move lower. It has now eclipsed its April 12 low ($21.43) as 21.35 stands as the low for the session as of 11:40 a.m. EST. So far, the rebound off that low has been capped at $21.88.
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