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Ciena Corp Takes a Hit: Reports Loss on Weak Sales

Challenges Ahead as Ciena Corp Reports Disappointing Financial Results


Published / Modified Jun 07 2024
Goran Soko / CSIMarket.com


Ciena Corporation (NYSE: CIEN) recently reported its financial results for the fiscal span ending April 27, 2024, and the numbers were disappointing.
The company's earnings per share (EPS) fell from $0.34 per share in the previous reporting period to a loss of $0.12 per share.
This is a significant drop compared to the $0.38 EPS it recorded a year ago.

The decline in EPS can be attributed to a decrease in revenue.
Ciena's revenue decreased by 19.585% to $910.83 million from $1.13 billion in the comparable reporting period a year ago.
Sequentially, the revenue deteriorated by 12.227% from $1.04 billion.
These numbers are concerning and indicate a challenging period for the company.

In contrast to Ciena's decline, the consumer electronics industry as a whole recorded a 1.62% rise in revenue compared to the same period a year before.
This highlights the struggles that Ciena is facing and suggests that it is not performing as well as its competitors in the industry.

Ciena Corp also reported a net loss of $-16.849 million for the financial span ending April 27, 2024.
This is a significant decrease from the bottom line of $57.654 million recorded in the comparable reporting period a year before.
These financial figures paint a bleak picture for Ciena Corp and raise questions about its current strategies and performance.

However, it's not all bad news for the company.
Ciena Corp stock has seen some improvement, rising 12.2% from a year ago.
This brings the share price to -1.28% during the second quarter of 2024.
Currently, Ciena Corp stock is trading on the NYSE, performing 3.9% above its 52-week average.
This indicates that investors still have some confidence in the company, despite its recent financial setbacks.

In a strategic move to enhance digital connectivity across India, Ciena Corp's subsidiary, Constl, has partnered with optical technology leader Ciena.
This partnership aims to develop a high-speed Metro Area Network (MAN) and National Long Distance (NLD) connectivity services on its pan-India network.
This initiative is expected to boost India's digital infrastructure, improve internet speeds, and enhance user experiences.

To achieve this, Ciena's cutting-edge WaveLogic 5 Extreme (WL5e) technology will be deployed as part of its 6500 Packet-Optical Platform.
This platform is designed to support services up to 800G today and has the ability to scale up to 1.6T services in the future with the integration of WaveLogic 6 (WL6) technology.
This forward-thinking approach ensures that the network can meet the growing data demands of a digitally evolving nation like India.

As Ciena Corp looks to expand its presence in India and enhance connectivity in the region, it will be interesting to see how these efforts impact its financial performance.
Investors will be closely watching to see if the company can turn its recent setbacks around and return to profitability.



Ciena's Effective Tax Rate

Ciena's Net Profit Margin



Other CIEN's news

Boosting Network Capacity: NTT DATA-led JUNO Submarine Cable System Deploys Cienas WaveLogic 6 Amidst Revenue Challe...

Constl Selects Ciena Optical Technology to Enhance High-Capacity Digital Connectivity Across India ...

Ciena Shines at OFC 2024 with Customer Wins and Optical Innovations, but Challenges Loom in Revenue and Market Share

Toshiba and Ciena Join Forces to Showcase Quantum Secure Communication at OFC 2024 Conference

SEA-ME-WE 4*s Submarine Cable Upgrade Empowers Global Digitalization with Lightning-Fast Connectivity

Astound Business Solutions Enhances Connectivity with 400G Wavelength Service Powered by Ciena

Southern Cross Expands Capacity with Ciena*s WaveLogic 6 for Transpacific Connectivity

Vocus and Ciena*s WaveLogic 6 Technology: A Gamechanger in Telecommunications

Hawaiki Cable and Ciena Surge Ahead with Revolutionary 400GbE Services, Outstripping Competitors in Q2 Revenue Growth

Ciena Corp Takes a Hit: Reports Loss on Weak Sales

Ciena Corp*s Stock Surges Despite Slender Top-Line Decline

Ciena Corp*s Astonishing Surge: Unveiling Double-Digit Revenue Spike in Fourth Quarter 2023

Ciena Corp*s Outstanding Evolution Shines in May to July 2023 Interval with Surprising Q3 Earnings and Revenue Growth

Smooth improvement by the company during the most recent fiscal period

advance, advance, advance by in the financial time-frame ending January 28 2023

The company reported a unassuming -6.767 %, deterioration in Revenues, over the financial period ending October 29 2022

Income Tumbles by -95.39 % at the over the most recent fiscal period

Excellent result by all along the fiscal second quarter of 2022



Other CIEN's news

Boosting Network Capacity: NTT DATA-led JUNO Submarine Cable System Deploys Cienas WaveLogic 6 Amidst Revenue Challe...

Constl Selects Ciena Optical Technology to Enhance High-Capacity Digital Connectivity Across India ...

Ciena Shines at OFC 2024 with Customer Wins and Optical Innovations, but Challenges Loom in Revenue and Market Share

Toshiba and Ciena Join Forces to Showcase Quantum Secure Communication at OFC 2024 Conference

SEA-ME-WE 4*s Submarine Cable Upgrade Empowers Global Digitalization with Lightning-Fast Connectivity

Astound Business Solutions Enhances Connectivity with 400G Wavelength Service Powered by Ciena

Southern Cross Expands Capacity with Ciena*s WaveLogic 6 for Transpacific Connectivity

Vocus and Ciena*s WaveLogic 6 Technology: A Gamechanger in Telecommunications

Hawaiki Cable and Ciena Surge Ahead with Revolutionary 400GbE Services, Outstripping Competitors in Q2 Revenue Growth

Ciena Corp Takes a Hit: Reports Loss on Weak Sales

Ciena Corp*s Stock Surges Despite Slender Top-Line Decline

Ciena Corp*s Astonishing Surge: Unveiling Double-Digit Revenue Spike in Fourth Quarter 2023

Ciena Corp*s Outstanding Evolution Shines in May to July 2023 Interval with Surprising Q3 Earnings and Revenue Growth

Smooth improvement by the company during the most recent fiscal period

advance, advance, advance by in the financial time-frame ending January 28 2023

The company reported a unassuming -6.767 %, deterioration in Revenues, over the financial period ending October 29 2022

Income Tumbles by -95.39 % at the over the most recent fiscal period

Excellent result by all along the fiscal second quarter of 2022



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