Ciena's stock plunges after profit misses expectations as gross margin dropped [MarketWatch]
Ciena Corporation (CIEN)
Last ciena corporation earnings: 3/5 07:00 am
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Source: MarketWatch
Ciena's stock plunges after profit misses expectations as gross margin dropped Ciena Corp.'s stock CIEN, -1.88% plunged 8.2% toward a 3 1/2-month low in premarket trade Thursday, after the optical networking company missed fiscal second-quarter profit expectations, although sales beat. Net income for the quarter to April 30 fell to $13.9 million, or 9 cents a share, from $38.0 million,or 25 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 23 cents, below the FactSet consensus of 30 cents. Revenue rose 3.3% to $730.0 million, above the FactSet consensus of $726.4 million. Gross margin declined to 40.2% from 45.0%. "Gross margin was impacted by several new, international service provider deployments in their early stages; however, we are confident in our ability to return to our normalized gross margin levels," said Chief Executive Gary Smith. Separately, the company announced a deal to buy privately-held network perform
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News
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- Ciena Co. (NYSE: CIEN) is now covered by analysts at Citigroup Inc.. They set a "sell" rating and a $44.00 price target on the stock.MarketBeat
- Ciena Co. (NYSE: CIEN) is now covered by analysts at BNP Paribas. They set an "outperform" rating and a $57.00 price target on the stock.MarketBeat
CIEN
Earnings
- 3/7/24 - Beat
CIEN
Sec Filings
- 4/23/24 - Form 8-K
- 4/18/24 - Form S-8
- 4/17/24 - Form 4
- CIEN's page on the SEC website