Ciena on Thursday reported fiscal second-quarter earnings that missed consensus estimates while revenue edged by views. Ciena stock fell amid the news.
For the quarter ending April 30, Ciena earnings were 42 cents a share on an adjusted basis, up 55% from a year earlier. Revenue rose 24% to $1.13 billion. A year earlier, the Hannover, Md.-based maker of optical communications gear, earned 27 cents a share on sales of $910.8 million.
Analysts expected Ciena earnings of 52 cents on sales of $1.093 billion.
The company typically provides guidance on its earnings call with financial analysts.
For the July quarter, Wall Street analysts project revenue of $1.109 billion.
Ciena's fiber optics gear is built into telecom networks and hyperscale data centers operated by internet giants. Telecom customers have been ordering less network gear.
Ciena Stock Technical Rating
On the stock market today, Ciena stock fell 6.7% to 78.25 in early trading, signaling at least a test of the 21-day line.
Shares had advanced about 1% this year prior to the Ciena earnings report.
Heading into the Ciena earnings report, the company owned a Composite Rating of 66 out of a best-possible 99, according to IBD Stock Checkup.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
