Shares in Ciena (CIEN), a communications equipment company, fell 25% today to a new 52-week low of $13. The period high was $49.55.
As part of its earnings announcement, Ciena said the future looks grim. The firm forecast revenue in its current, fiscal fourth quarter in a range of $190 million to $210 million, dramatically below the market’s prediction of $264 million according to Reuters Estimates
Ciena CEO Gary Smith has done quite well lately. In the company’s last fiscal year, he had a base salary of almost $510,000 and total compensation of over $3.2 million.
Smith will probably do just fine this year as well, especially for someone whose company has lost 70% of its market cap.
Douglas A. McIntyre
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