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0 0.0145256468452111 0.0213345438039037 0.0408533817521561 -0.00817067635043122 -0.000907852927825673 -0.0281434407625965 -0.0553790285973672
Stock impact report

Ciena's stock drops as profit miss offsets sales beat, new share buyback program [MarketWatch]

Ciena Corporation (CIEN) 
Last ciena corporation earnings: 3/5 07:00 am Check Earnings Report
Company Research Source: MarketWatch
Ciena's stock drops as profit miss offsets sales beat, new share buyback program Shares of Ciena Corp. CIEN, -1.26% dropped 3.6% in premarket trade Thursday, after the networking technology company reported a fiscal fourth-quarter profit that missed expectation, although sales beat. Net income for the quarter to Oct. 31 rose to $1.16 billion, or $7.32 a share, from $36.6 million, or 25 cents a share, in the same period a year ago. Excluding non-recurring items, such as a $1.13 billion tax benefit, adjusted earnings per share came to 46 cents, below the FactSet consensus of 50 cents. Revenue rose to $744.4 million from $716.2 million, above the FactSet consensus of $736.9 million, as networking platforms revenue of $598.9 million beat expectations of $592.5 million. Separately, the company announced a new $300 million stock repurchase program, which will be in place through fiscal 2020. The stock has lost 13.3% year to date through Wednesday, while the SPDR Technology Select Sector Show less Read more
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