Ciena Drags Down Tech Stocks
Ciena Corp. (NASDAQ: CIEN) said its net loss for the fiscal third quarter narrowed to $29.8 million, or an adjusted net loss of $0.04 cents per share, from $31.4 million in the same quarter of last year. Revenue climbed 8.9% year-over-year to $474.1 million. The consensus forecast called for a net loss of $0.14 per share and revenue of $447.4 million.
"We continue to win in the market and take share as demonstrated by a solid operating performance in the third quarter," said CEO Gary Smith. "We are experiencing the effects of ongoing macroeconomic challenges and slower than expected roll-outs of new design wins. However, our approach to the market is working, our OPn architecture vision is gaining traction with customers globally, and our view of the long-term opportunity is unchanged."
For the fiscal fourth quarter, the company is projecting revenue between $455 million and $480 million. That is well below the consensus forecast of $499.5 million. Investors are not happy with that outlook. Shares are down more than 17% in morning trading to $13.85, in a 52-week range of $9.89 to $ 18.39.
Other networking stocks are also in the red. Cisco Systems Inc. (NASDAQ: CSCO) was down nearly 2% and Alcatel-Lucent S.A. (NYSE: ALU) was more than 2% lower. JDS Uniphase Corp. (NASDAQ: JDSU) retreated about 5% and Juniper Networks Inc. (NYSE: JNPR) lost more than 4%.
The Nasdaq is about 1% lower.
Filed under: 24/7 Wall St. Wire, Earnings, Technology Companies Tagged: ALU, CIEN, CSCO, JDSU, JNPR