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
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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
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News
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- Ciena Celebrates Major Customer Milestones and Optical Leadership at OFC 2024 in San DiegoBusiness Wire
- Toshiba, Ciena Collaborate to Demonstrate Quantum Secure Communication at OFCBusiness Wire
- DriveNets and Ciena Complete Joint Testing of ZR/ZR+ Solution for Network Cloud PlatformPR Newswire
CIEN
Earnings
- 3/7/24 - Beat
CIEN
Sec Filings
- 3/26/24 - Form 8-K
- 3/25/24 - Form 4
- 3/25/24 - Form 4
- CIEN's page on the SEC website